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Yes but let's say it was more like a year or two. You may get 220k of the 250k while you're alive and then your beneficiaries would get 250k when you died.If I didn't have much time left to live, wouldn't I be getting the whole $500K instead of the $250K? Because my policy is $500K?
Yes but let's say it was more like a year or two. You may get 220k of the 250k while you're alive and then your beneficiaries would get 250k when you died.
The good news is that you actually get to use some of your death benefit while you're alive.I won't be dying anytime soon. Thanks for the clarification...So I am going to accept $117K...I guess that's is better than getting NOTHING.
I dont know how an agent would have "no idea" about how these are calculated.I won't be dying anytime soon. Thanks for the clarification...So I am going to accept $117K...I guess that's is better than getting NOTHING. I wished someone would have explained this to me when I first got the policy, would have helped. I was assuming if I got ill and I was going to get my policy advanced.....NOT we have to DEDUCT from it first before we can give it to you. I don't think many agents even knew about this...The agents I spoke to had no idea.
The good news is that you actually get to use some of your death benefit while you're alive.
Most people never get that chance.
Good luck to you.
I dont know how an agent would have "no idea" about how these are calculated.
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Most of the examples on the accelerated DB form use a 50% example. At least from most of the carriers that I write.He told me that there will be a "minor" deduction if I ever filed a claimed. May be something like 10%. Now that it came back at 53% of the cost to my advanced portion. Yeah, a little surprise!
Why would they make more money if he remains the owner. Change of ownership does not affect the contractual benefits of the policy.You could also see how much your policy would get on the free market from investors. It may be more than what you would receive exercising a living benefits rider. They will pay you cash in exchange for you turning your policy over. If you tell the carrier you are considering doing that they may reduce the actuarial charge to keep the policy from changing ownership. The insurance company makes more money if you remain the owner.