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Life insurance question
Posted on 9/27/13 at 9:59 am
Posted on 9/27/13 at 9:59 am
All hypothetical.
Lets say you have a million dollar life insurance policy and you get some rare disease where you have a 99% chance of survival with a cure but it is extremely expensive ($100k) but without you will die. Could you get the life insurance company to pay for the treatment? Since after all 100k<1 million.
Lets say you have a million dollar life insurance policy and you get some rare disease where you have a 99% chance of survival with a cure but it is extremely expensive ($100k) but without you will die. Could you get the life insurance company to pay for the treatment? Since after all 100k<1 million.
3
Posted on 9/27/13 at 10:09 am to BZ853
No way. They will still have to pay off when you die of something else.
Posted on 9/27/13 at 10:34 am to BZ853
No sir but if you have whole life you may have a cash balance you can borrow against
Posted on 9/27/13 at 10:51 am to MsState of mind
Viaticle settlement.
Posted on 9/27/13 at 3:45 pm to BZ853
Some policies have an accelerated death benefit rider-- most at no additional cost. They usually have separate tiers(i.e. critical illness, terminal illness, disability, etc). Different illnesses will warrant different accelerated benefits.
The downside is the policy is terminated after you accept the accelerated death benefit.
The downside is the policy is terminated after you accept the accelerated death benefit.
Posted on 10/20/13 at 9:35 pm to rpg005
Some policies have an accelerated death benefit and some you can sell- it is called a Viatical settlement. Every company is different- check and see what you have.
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