Life Insurance - Cash Surrender Value - Viatial

kach22i · kach22i's Garage

Life Insurance - Cash Surrender Value - Viatial - Partial Annuity Exchange

Looking at all my options, my wife lost her job today. I have no work to speak of, most of my long time architecture clients have closed or are going bankrupt and defaulting on property loans.

I heard on NRP last month about certain investment companies which purchase your paid off life insurance policy in exchange for reassigning them as your policy beneficiary.

I e-mailed NPR so that I could read the transcript and find out more, but they could not find the report based on what I could remember either.

A friend said to look up the search term Viatial, looks like that might be the correct term.

Tell me what you know about Life Insurance. My policy is paid off (not term), but I've borrowed from it already and can take out no more.

Also tell me about Annuities and getting the most out of it now at 49 years old. I've heard about how some tax laws might be changing because people need their money now, realistic hope?

crustychief · crustychief's Garage

George,
I don't know much about life insurance but am sorry to hear about the job situation. Good luck.
Regards
Sandy

kach22i · kach22i's Garage

Quote:

"Money can't buy happiness, but it is much more comforting to cry in a Porsche than a Hyundai."

Your sig says it all crustychief.

Billbo · 12-03-2009, 07:27 AM

I'm pretty sure that you need to have a terminal illness to get any interest from a viatical settlement company. They buy your policy at a discount and hope you kick the bucket so they then obtain the death benefit.

Joeaksa · 12-03-2009, 08:05 AM

Make sure the wife applies for unemployment immediately.

Oh Haha · 12-03-2009, 10:47 AM

George, we are sorry to hear about the job loss. I can't help with your insurance dilemma but hope things get better for you very soon.

Be sure your wife gets signed up ASAP for unemployment. With the new extensions being given, she could get payments for well over a year. Sure, a job would be better but at least you will have some funds coming in.

If you guys have any questions about unemployment or need anything, call me. I'll PM my cell number.

kach22i · kach22i's Garage

Thanks Wayne.

I've been doing some research on what they call "insurance settlements". One article said if I were 65 years old the value would be 20-40% of death benefit. Another article said fees alone would be around 25% of "face value", not sure what that is yet.

I applied for a job with the city of Ann Arbor, seemed like it was written for me. They said they would be contacting people in December for interviews, I have my fingers crossed. This job would solve all my problems (good money) as I'm just tired of trying to run my own business in this economic climate..........but if the right project were to come along.