Any insight is appreciated.
I own a whole life insurance policy on my son. It’s a 10 pay policy.
When I die the ownership of the policy on my son’s life, will be transferred to my son.
When I die the policy on my son will still be Inforce, but it will have a large outstanding loan.
Is my son allowed to inherit the policy as is with the outstanding loan intact, with the only difference going forward after my death is the change of ownership.
if it’s any help the policy is a Mass 10 pay.
Thanks
I own a whole life insurance policy on my son. It’s a 10 pay policy.
When I die the ownership of the policy on my son’s life, will be transferred to my son.
When I die the policy on my son will still be Inforce, but it will have a large outstanding loan.
Is my son allowed to inherit the policy as is with the outstanding loan intact, with the only difference going forward after my death is the change of ownership.
if it’s any help the policy is a Mass 10 pay.
Thanks