How much is a 19-year-old insurance policy worth if you just want the money before the holder dies?

Answer by  primatefreak (1616)

You will need to contact the insurance company for benefits payable. Amount receivable depends on type of insurance, term or whole life. Also, contract terms, limits and possible taxes due.

Answer by  tamarawilhite (17883)

If it is a term life policy, it is worth nothing until death. If it is whole or universal life, its value is the premiums paid in plus interest on those premiums minus any loans taken out against the policy.

Answer by  L16 (6)

That depends on a number of factors. The age at which the policy was issued is a major factor. Policies on 30 year olds have much lower cash values than policies on 85 year olds. It would also depend on the product design. Insurance companies use different cash value guarantees in their pricing.

Answer by  MarkWatrous (729)

When you sell a life policy before the insured expires, that is known as a viatical settlement. The amount of the settlement will depend upon the current age and health of the insured with respect to their expected mortality. Other factors include the face amount of the policy, and if there are any policy loans that have been taken.

Answer by  bonnie56 (359)

First, is it a whole-life policy or a term-life policy? If it is a term-life policy, then it carries no cash value and therefore can't be cashed in until after death. If it's a whole-life policy, you can get money from it depending upon the amount that has been paid into it.

Answer by  Hewitt302 (1720)

Depends. Since this is almost a twenty year old policy, with interest built up, it could be a lot, check the policy. Read it and then talk to the policy holder. It's very unlikely you'll see any money before that policy holder dies. Most companies will not pay it out.

Answer by  phatmaxk90 (146)

thanks alot for u guys' insight on things.. for the record.. i'm the insured.. n my pops in the holder.. just lookin for some quick bucks.. i'm 19 and not having any dependants i don't see a point in being whole life insured but the "refund" check is here now.. again. thnks. for. your. help:)