Anyone (in the US) ever cash out a Life insurance policy on yourself?

[eakinj]

So I have a policy I'm going to be cashing out and I was wondering if anyone here has done this? About how much of a policy do they usually pay out? (10, 20, 30, 40 percent etc?)

I would imagine it varies from company but I thought I'd ask.

[emperor_black]

do you mean like in a term-life insurance, you're paying the premium for 20 years or whatever and at the end of 20 years you want to cash out?

[DonP]

do you mean like in a term-life insurance, you're paying the premium for 20 years or whatever and at the end of 20 years you want to cash out?

I think you can only cash out whole-life, not term-life.

Sorry,

I have no idea.

[VitaminG]

is there any info on the company website about how to claim? Or the impacts on your particular product of claiming? Over here different products are affected differently by a withdrawal. Some, if you cancel the policy/account, you lose your life cover and the policy ends. That is all. Others, you cancel, you will be paid an accrued cash value based on how much & how long you've paid into it and how far away you are from the terminal date. Of course, it will generally be a portion, the cash value of the product, and less than the actual life cover the product provided.

The company might have an FAQ on their website that outlines some of those considerations.

[Hellraiser6502]

Uhhh.

NO!

Get a Life.....

[Rsmacker]

I know of an Irishman who killed himself for the insurance money. Does that count?

[eakinj]

lol. no not really. No one is dying the way I'm doing it. I have a fully paid for policy which i can apparently cash out (for less then it's value but still) just curious if anyone had done this. trying to keep my house so until I'm working i have to work every angle i can to stay afloat.