Insurance policy not mature..but..?

Question

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?

Answer 1

Are you talking about life insurance?? If so, is a term policy or a whole life policy?

Answer 2

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!).

Answer 3

Alot of Whole Life plans come with the option to get a loan. And repay the policy back later.

Answer 4

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....