Is there a life insurance policy that allows for payment before death?

Question

I heard this one a financial channel but I can't find any information on it. Any insurance experts out there? Can you guide me to a website?

Answer 1

Yes, most companies have a terminal illness rider and they can usually be added after the policy is in force.  Because if they don't you can always go to the private market and sell the policy.  Of course someone will call every so oftern to see how you're doing and don't be surprised if they're upset when you say "fine."

Look up "Viatical Settlements"  (sp?)

http://www.InsurancePickle.com/life-insu...

Answer 2

If the policy has cash value you can usually borrow against the cash value or take a partial withdrawal against it.  

Many policies have an option that allows you to collect a certain percentage of your face amount before you die if you are diagnosed with a terminal illness.  

There are also companies that are willing to buy your life insurance policy.  

Other than these options you cannot access the death benefits until after you die.

Answer 3

Great website, resourceful,user-friendly should be able to answer your questions.http://insurance.free-onlinetip.info/ins...

Answer 4

Most larger amounts of life insurance policies sold these days have an optional "terminal illness" living benefit. The policy will pay up to 50% of the face amount if the insured is diagnosed with a terminal illness, and the prognosis that death will occur in the next 6, 9, or 12 months, depending on what state state policy was written in, and the insurance company that issued the policy.

If an insured receives the terminal illness benefit, the money can be spent, or saved in any way that the insured desires, as long as it's legal.

If the insured lives longer than the prognosed approximate time of death, and even if he/she has a complete recovery, he/she does not have to pay the money back.

Google "terminal illness benefit".

If the policy has a disability premium waiver benefit, the premium payments may be waived, after 6 months of total disability, if disability is diagnosed prior to the age of 60. Some companies premium waiver is approved after only 3 months of disability.

Social Security Disability Income is approved if the person is prognosed with a life expectancy of 12 months or less. If qualified, the SSDI benefits will begin after 5 months, and be paid in the 6th month after approval.

Answer 5

Just like homeowners policies, it's not the company name that counts - it's how the policy is set up.

There ARE riders you can get on most life insurance companies, to make a partial payment, early, if you are terminal.  

Any local, independent agent near you, can help set the policy to meet your goals.

If, however, you're hoping to buy a million dollar policy this year for a few hundred bucks, and have them pay out in a few months, for like income or something, well, it doesn't work that way.

Answer 6

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