How to get cash out of your Life Insurance Policy

If you are terminally ill and own a Life Insurance policy there are options for you to access some of the cash value or accelerate the death benefit. These options must be reviewed with a qualified advisor that knows your current situation.

clipped from www.elderlawanswers.com Getting Cash From a Life Insurance Policy If You Are Terminally Ill Unfortunately, a diagnosis of a terminal illness often comes with many expenses. If you need money to pay for your medical care or comfort, you may be able to use your life insurance policy to get some immediate cash. "Viatical settlements" allow terminally ill individuals to sell their life insurance policies. Alternatively, some insurance companies allow you to receive an accelerated death benefit. A company will usually pay more than the cash surrender value, but less than the death benefit, although the exact price depends on a number of factors. In determining price, companies look at your life expectancy, how long you have had the policy, and the face value of the policy, among other things. Both viatical settlements and accelerated death benefits could have tax consequences and affect Medicaid planning. Before taking either option, you should consult with a qualified elder attorney.

The Reasons Why People would Buy Life Insurance

I love articles like this that take us back to the basics of exactly why would someone buy a Life Insurance Policy. Edwin does a great job explaining some of the purposes of a Life Contract and how it may provide some financial planning sense in your life. Please check out the complete article...

clipped from www.examiner.com Why get life insurance In this article, I’m going to go over the reasons behind getting life insurance, but will not get into specific types; I’m saving that for upcoming articles deliberately to not steal the shine away from the underlying reason for purchasing it. Life insurance is primarily purchased to provide those you care about financial protection, should you pass away. Some use it to cover estate taxes or business dealings, but in this particular article, I will focus on ordinary family needs. Who is a candidate for life insurance? Anyone who wants to sleep better at night knowing their loved ones won’t suffer financial hardship while grieving the loss of someone they cared about. It makes a bad situation more manageable, and that is the best we can do, since we can’t change reality. Author: Edwin Markar Edwin Markar is an Examiner from Los Angeles. You can see Edwin's articles on Edwin's Home Page. My Bio Subscribe to Email Add Edwin to Favorite Examiners

Policy Changes to Banner Life Insurance's Term Product Line

Banner Life recently raised their yearly policy fee and changed their banding in the Term product line. See more of the article here...

clipped from lifeinsurance-pros.com Banner Life Insurance Company Policy Changes clipped from lifeinsurance-pros.com Banner Life Insurance Company made a few changes to their policies rates bands and yearly policy fee.  The Annual Policy Fee is a charge most Life Insurance Carriers charge for administrative cost’s to the policy on a yearly basis.  Banner Life recently changed theirs upward but it still is in line with other major life carriers. For all term products the $50  policy fee will increase to $60. Premium Bands Two new premium rate bands have been added to the term products for face amounts $50,000 to $99,999 and $2 million and above. The five term premium bands are as follows: $50,000-$99,999 $100,000-$249,999 $250,000-$999,999 $1,000,000-$1,999,999 $2 million & over