insurance policy not mature..but..?
Posted on Mar 07, 2008 under Insurance Information |Can you still pull the whole policy out. Say the policy is for 50,000.00 but says that it doesn't mature until 2020. Does that mean that you can't pull out anymore than a little less than 2000.00?
Or..is it possible just to take it all out now due to family emergency?
March 7th, 2008 at 8:15 am
Are you talking about life insurance?? If so, is a term policy or a whole life policy?
March 7th, 2008 at 8:15 am
Depends on the policy issuer and the type of policy. Check the policy or contact the insurance company that you bought it from for their exact details on what you have.
If there is a cash value, you can often either take out a policy loan from the policy or you can use the insurance policy as collateral with your lending institution for a loan, or you can cancel the policy and take the cash value (extremely discourage doing this!).
March 7th, 2008 at 8:15 am
This depends on policy…whole life you can borrow against and take out dividends…talk to insurance agent to find out details and available amounts…..all policies vary….
March 7th, 2008 at 8:15 am
Alot of Whole Life plans come with the option to get a loan. And repay the policy back later.
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