2007-02-12 18:37:01 · 7 answers · asked by sevemmama 3 in Business & Finance ➔ Insurance
No because I found out that they never pay you back unless you create a legal contract that list the terms of the loan. Even if they did list you as a beneficiary on a life insurance, they can change the beneficiary at any time.
2007-02-12 18:53:20 · answer #1 · answered by Anonymous · 5⤊ 0⤋
NO!
I tend to NOT loan to family and friends.
It brings out the worst in people.
You dont know if that person will die in debt and you wont get anything anyway since the estate will be eaten up in taxes and fees.
Tell the friend that you dont have the money to loan him.
Tell him how kind it is that he is going to remember you in his will but that you enjoy his company right now and dont really want to think about it.
If this guy has insurance he might be able to borrow against it to rasie the money that he needs.
DO not loan him any money
this smells like a rat!
2007-02-13 02:41:56 · answer #2 · answered by lisa s 6 · 0⤊ 0⤋
As has repeated been pointed out here, changing the beneficiary doesn't guaranty a thing. However a new policy can be purchased with a beneficiary designation that is irrevocable or is revocable only upon repayment of a loan or other condition. This is done routinely in the case of small business loans.
2007-02-14 08:55:28 · answer #3 · answered by Rob D 5 · 0⤊ 1⤋
NO. Because at any point in time, they can change the beneficiary clause. Also, they can stop paying it.
I'd offer to loan them money, if they gave me their car as collateral. And it was worth more than the loan. AND they gave me the title to the car.
2007-02-13 11:57:30 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
no..
they can change that at any time..
only way for you be to sure...
you would have to be the primary holder and the payee..
thus no one could change policy but you..
course you stuck with payments also.
2007-02-13 02:42:32 · answer #5 · answered by cork 7 · 1⤊ 0⤋
not unless you were planning on killing them...
2007-02-13 02:45:05 · answer #6 · answered by Anonymous · 0⤊ 2⤋
I would if they were on their death bed!
2007-02-13 03:08:53 · answer #7 · answered by Mt ~^^~~^^~ 5 · 0⤊ 3⤋