Life Insurance is the most important type of Insurance coverage as the loss of the Family or Business Breadwinner's income is devastating. It is not like losing a car or having a flood and damaging your carpet or having to have an operation. In a G-d forbid, death, you have lost all the income to buy insurance or replace material things that money can buy.
The Goose as it produces the eggs - the income from your family breadwinner.
Most of the visitors on Life Insurance to our website are looking to see where their loved ones policy is. While you are here, check out getting coverage on yourself, for your loved ones. We now all understand how important it is.
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No, They will ask on the application though if you have other coverage to prevent over insurance and to make sure there is insurable interest. So, if you need more coverage, buy it!!!! It may or may not be advantages to cancel prior coverage. It might have lower premiums as you were younger when you bought it and your health might have been better, etc.
Confidential Life Insurance - Can I Insure someone without them knowing about it?
Yes, you can now insure against financial loss as a result of the death of another person, with whom there is an INSURABLE interest, like alimony or child support without the insured person's knowledge. Additional examples would be Bank Loans, Divorce Settlements, Investors, Business Managers/Agents, Movie Productions, Business Buy Outs/Buy Ins, Surrogate Mother Contracts .
my mother wants to cash in her life insurance, she has approx 9,000, is it better to cash out or take out a loan?
Generally it's better to take a loan. That way you still have the policy in force. You don't have to pay back a loan. The company might bill you for the interest though. Does she need the whole 9K now or would it be better to borrow say $1k/year?
if she takes a loan does she need to pay it back, if she takes cash does she have to pay taxes?
Depends on how much she has paid into the policy. Anything less than $9K - there would be tax on the difference. That's why a loan might be better. What's her tax bracket? $1k/year would be lower taxes than 9K at one time.
