Okay my question is my mother got a life insurance policy on me. She currently was paying 10 to 15 a month. She has had the policy out on me since 1976. Could anyone guess to tell me wht the surrender value is?
2007-04-27 14:18:58 · 9 answers · asked by God's chosen 3 in Business & Finance ➔ Insurance
or tell me how long does it take?
2007-04-27 14:20:06 · update #1
the policy was for 1,000.00 since 1976. it has been enforced no cancelliton or nothing
2007-04-27 15:22:54 · update #2
I want to cash in! I have another 100,000.00 policy on me! My mother needs the money.
2007-04-28 03:34:49 · update #3
I know that with the insurance company that I work for if the policy has been in affect for 20 years 100% of all premiums paid will be returned if cancelled.
formula: amount of prem X 12 X # of years.
ie: 15 X 12 X 31
180 X 31 = 5580
2007-04-27 14:43:23 · answer #1 · answered by plushy1 3 · 0⤊ 1⤋
you need to contact the company that wrote the policy. My guess is that it is term life insurance. Which means it does not gain cash value and if you surrender you get nothing. I would call the company and ask them exactly what you want to know. Most life insurance companies are very helpful.
2007-05-02 06:57:28 · answer #2 · answered by Trisha B 1 · 0⤊ 1⤋
Call the company and as them or order an in force illustration. There may or may not be cash or surrender values, depending on what type of insurance it is.
2007-04-30 18:14:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your mother is probably the owner of this policy. Have her call the company and ask what the Cash Value is and what it takes to cash that in.
Next, go talk to a licenses insurance agent in your area to ask about what coverage you and your mother need.
2007-04-28 05:05:56 · answer #4 · answered by insuranceguytx 5 · 0⤊ 1⤋
first of all you have to find out if this is a cash value policy and the intrest it has accrued, second you do not want to cahs a policy like this out chances are it would be hard to find the same product , next why not loan the money out of the policy that way you have no tax to paay on the portion that earned intrest, leave 20 still in the policy that way it stays inforce and if your financial picture should improve you can keep paying on the policy. best thing unless you are in need of the money keep the policy.
2007-04-27 14:56:19 · answer #5 · answered by classmind 2 · 1⤊ 2⤋
I suggest you call the company. There is probably an 800 numer on the bill.
To surrender it . takes only a few days to get the cash. Are you sure you want to cash it in???
2007-04-27 18:00:07 · answer #6 · answered by TedEx 7 · 0⤊ 1⤋
There's probably no surrender value on it, but you'd have to call the company to be sure.
At that premium, it's probably a $500 burial policy.
2007-04-27 14:54:20 · answer #7 · answered by Anonymous 7 · 0⤊ 3⤋
Companies that buy existing policies?
2016-01-14 12:53:41 · answer #8 · answered by Martha 1 · 0⤊ 0⤋
The amount that you will get, when you cancel the policy for any reason.
2007-04-27 14:31:50 · answer #9 · answered by kenneth h 6 · 0⤊ 2⤋