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What are the main types of traditional whole life policies available for purchase?
Asked by unknown
1 Answers
The main types of traditional whole life policies available for purchase are Non-Participating, Participating, Level Premium, Limited Payment, Single Premium and Premium.
Can whole life policy be surrendered for its cash value?
Asked by unknown
1 Answers
Generally, in a traditional whole life policy, yes. Over time, the policy accumulates a cash value, which is similar to building equity in a home. When a policy is surrendered, the owner is entitled to at least a portion of the cash value. The actual amount that the owner receives will depend whether there are any outstanding loans or unpaid premiu
Can policy owner borrow money from the whole life policy?
Asked by unknown
1 Answers
Generally, yes, to the extent that there are sufficient funds in the cash value to secure the loan. There may be a waiting period of up to three years before a loan is available. If the policy owner borrows from the policy, the cash value is used as collateral, and interest is charged at the rate specified or described in the policy. Any money owed