what companies that buy term life insurance ?
what companies that buy term life insurance ?
I have a extra term life insurance policy on me and I am wanting to get out of debt and have money too. I have seen some commercials in the passed that buy Insurance policies from people for a part of the face amount of the policy but I can not remember what company that do’s that. so that is my question.
companies that buy term life insurance
Best answer:
Answer by bud68
Term life insurance policies have no cash value. It’s like auto insurance - you pay a fixed premium for a set term of coverage.
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They’ll buy it from you if you’re going to die in the next year otherwise it has no value.
That’s a bad deal. They usually want old people’s policy because they know they are ready to die and they bet they will.
They buy the policy for a reduced amount knowing full well they will collect the full amount soon.
Don’t buy into that game. Its a scam.
As mentioned these are companies that basically con money out of you.
If you are diagnosed with a terminal illness these companies will pay you a portion of the benefit amount if you sign the policy over to them. (IE: If the benefit amount is $ 100K, they will pay you $ 90K now if you sign the policy over to them so when you die they get the whole amount).
Most insurance companies have clauses built in there you can have the living benefits paid out in full if you have a terminal illness.
If you are in debt, these companies are of absolutely no use to you, unless you are going to die in the next couple months. IF that’s the case, just have your beneficiary pay out your debts with the full benefit amount instead of a reduced amount.
Google search “debt snowball” to see a good strategy to pay out your debts. It’s widely promoted by guru’s like Richard Kiyosaki (Rich Dad, Poor Dad series), Dave Ramsey (Total Money Makeover guy), and most debt management companies.