Yes, even if incarcerated, you will still receive proceeds from a life insurance policy if you are the valid recipient. They will not be able to receive the proceeds if they were the cause of the insured's death.
You can get free life insurance from the company MassMutual insurance. It is a term life policy so you will have to die before your kids can collect the money.
Yes, you can turn in the policy and receive the cash value. However, the amount of money you receive will depend upon your age, how long you have had your insurance and the policy's benefit amount.
I think you mean "creditors," those who are owed money. Debtors are the ones who owe the money. In Texas, the proceeds from life insurance policies are exempt if a dependent is named as the beneficiary. Otherwise, the funds are not exempt. Of course, the creditor must know about the policy to collect from it.
it depends how they died
You may need to be appointed the fiduciary of his estate because the proceeds will be paid to the estate. You should contact the insurance company for their policy regarding a situation such as yours.
The only case where the insured can collect on their life insurance is with a whole life policy. In that instance any interest or dividends are taxable.
You must direct your question to the insurance company that holds the policy.
Insurance money is paid when you make a valid claim against the policy and can prove why the situation falls under the terms of the policy---whether it is Life Insurance, Car Insurance, Accident Insurance, Travel Insurance, etc. Call the Insurance Company for exact details.
When an insured purchases an insurance policy they pay the insurance company money for the insurance coverage. This money the insurance company collects is called insurance "premiums". The insurance company, using the law of large numbers, collects more money in premiums than it pays out in claims. The insurance also makes alot of its money by taking the money earned from premiums and then investing it. As we all know that Life insurance policy cash values are accessed through withdrawals and policy loans. However, withdrawals are taxable to the extent they exceed basis in the policy. Loans outstanding at policy lapse or surrender before the insured's death will cause immediate taxation to the extent of gain in the policy and hence benefits the company.
The life insurance policy has a maturing date that determines the time it takes for a policy to accumulate the amount of money essential for the policy. An unmatured life insurance policy is one that hasn't yet reached the end of its policy.
If your policy has a cash value associated with it you can get money for surrendering the policy. Term Life has no cash value, but a whole life or universal life policy may have a cash value in it. That depends on what type of policy it is, how long it has been in force, and assuming the payments have been made.
Insurers collect money as Premium from Subscribers. But only a few are claiming the Insurance. T he collection amount is so large, but only little amount is paid back for claims. Hence Insurance companies run on big profit.