Filiing Bankruptcy and has Life Insurance with cash values?
Filiing Bankruptcy and has Life Insurance with cash values?
My sister is married and planning to file bankruptcy that wipes out all her debts. She is filing it personally and just by herself. She has multiple life insurance policies with cash values. She is paying for the policies but there each policies have different INSURED. will filing bankruptcy affect the POLICIES? thank you
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4 Responses
2.1.2010
Best Answer – Chosen by Voters You can protect $10,775 (double for married couples), unless your specific state says otherwise.Now, in reference to the amateur life insurance agent…Do yourself a favor, learn what the heck you're talking about. It's so obvious that you've been "trained" by Primerica, it makes me sick. Do you HONESTLY believe cash value policies have been sold for over 100 years and it's not a "fair" policy? Step outside the cocoon and learn how they really work so you don't misinform people with their finances. What you're taught at Primerica sounds correct, but that's because it's the way it's presented. As a full-time financial professional and former Primerica, I promise that they don't teach you properly. It's what they want you to believe. Why, because without you going into people's homes with this obvious misinformation, how else could you possibly sell such over-priced/non-convertible term insurance without trying to replace a few "rotten" policies?"I cant tell you for sure but i can tell you this about Cash Value insurance…How it works… you take the cash out, the pull your policy, you die, your benificiary gets your policy but they keep all your cash, either way they are stealing from you in a legal manner.How do i know this?I sell insurance…Once your sister is over her bankruptcy claim she needs to get Term insurance and invest the difference."
2.1.2010
I cant tell you for sure but i can tell you this about Cash Value insurance…How it works… you take the cash out, the pull your policy, you die, your benificiary gets your policy but they keep all your cash, either way they are stealing from you in a legal manner. How do i know this?I sell insurance…Once your sister is over her bankruptcy claim she needs to get Term insurance and invest the difference.
2.1.2010
Hi,I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% and improve my credit score .It's legitimate . I came across this company on NBC News Special Edition.Check it out here:http://CreditSolution.ez-mart.bizNote:It's advisable to fill out the short form.Let them call you back.The line is always busy due to so many customers.
2.1.2010
It very well might.