Life insurance policy cash value to buy a motorcycle?
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6 Responses
2.1.2010
Best Answer – Chosen by Voters You can BORROW the "cash value" and it will deplete the death benefit by that amount. The "loan" will then accrue interest but if the interest on the cash value is more than that of the loan, it can still be worth something when you die. If you have a policy that buys "paid up additions". the death benefit can increase over time.Usually pretty cheap way to obtain money – especially since your parents or grandparents probably paid the premiums initially when you were young.Good luck, ride RESPONSIBLY and I hope this helps! Source(s): Independent insurance agent for 28+ years
2.1.2010
If you don't see a need for the death benefit protection for the next several years and you are relatively healthy then I do not see why you should continue to make payments on this insurance. You will just be paying for death benefit coverage you may not need. If you are already married or have kids then you probably need a larger death benefit term life insurance policy anyway. I would not recommend borrowing the money whether you decide to keep or cancel the policy. I would just cancel the policy and take the full cash surrender value or keep the policy and save up to buy the bike another way. Source(s): My blog: http://gardenstatelifeinsurance.blogspot…
2.1.2010
I seriously, seriously doubt that the life insurance policy has a CASH VALUE of that much. Most of the time, it's a $5,000 policy – which pays $5,000 if you die. If you cash it out, you usually get around $500. You have to DIE to get the face value. But you can cancel it and get the cash value. I would NEVER advise a 19 year old to get a motorcycle. But I wouldn't advise them to have whole life insurance, either.Having said that, unless you are the OWNER of the policy, you can't do ANYTHING with it.
2.1.2010
I purchased a boat with mine…….and it was not cheap. I also sell children policies for this exact reason, it is a way for the parents to give to their children ( I use it as an incentive to get good grades or graduate college). $4,000 isnt that much, ive set them up to give out 25,000+. Just know that they will try and get that money paid back from you, and if all is set up properly, your death benefit could take care of it. But….to make certain, talk to someone at your company in person. Source(s): Agent, New York Life Insurance Company
2.1.2010
You can do that, but it's not a good idea unless you have now purchased life insurance on your own as an adult. Life insurance is designed to pay for a funeral if something were to happen to you.
2.1.2010
I doubt that it has that much cash value. Better read the policy.