One of the most overlooked--and misunderstood--assets that the authors see in portfolios every day is an old life insurance policy
that has been lying around for years.
A typical life insurance policy
should describe the insured's rights to name and change the beneficiary.
Example 1: Mark Arnold bought a life insurance policy
years ago, when his children were young.
A variable universal life insurance policy
permits the owner to invest the cash value of a life insurance policy
in stock and bond market subaccounts (which must have looked very attractive to Cochran in 1998 as the technology rally took off).
Life insurance is an unqualified asset for Medicaid applicants, and it has been standard practice to abandon a life insurance policy
if it is within the legally required five-year look-back spend-down period.
The time period just happens to coincide with a life insurance policy
's contestable period, during which the insurance company can contest and rescind the policy.
It is also possible to set the term of the life insurance policy
and it may be wise to cover the period until all of your children begin to become financially independent, or until your spouse retires.
* A complete and accurate description of all offers and counter-offers relating to the sale of the life insurance policy
The specific parties involved in the sale of your life insurance policy
in a life settlement transaction are identified above.
The insurer said the premium payable by a 50-year-old man for a single-premium whole life insurance policy
that promises to pay 5 million yen on his death will be cut by 49,300 yen to 3,641,300 yen.
In 2001 she bought a $750,000 variable universal life insurance policy
, which doubles as an investment vehicle.
In a recent survey of accountants, attorneys, estate planners and insurance professionals by Maple Life Financial, a Maryland-based life settlement provider, 45% of respondents had clients over age 65 that had surrendered a life insurance policy
for its cash value.