Is life insurance necessary for a student loan?
No, its not necessary. However, it would probably be a good idea to have some life insurance regardless.
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Answer . That depends on the life insurance policy. The policy must be one that builds cash value before a loan can be taken.. Simply, if the policy is a 'term life policy…' it lasts for a defined period - 10 years, 20 years, etc. - and charges a low premium. It doesn't build cash value you can borrow against. . 'Whole life policies', on the other hand, have a part of the premium paid set aside for cash value. For this reason, the amount of premium charged for a whole life policy will be higher than the premium charged for a term life policy with the same face value. . NOTE: A loan is taken against the cash value of a policy, not the face value ( death benefit ). So if the face value is $10,000 and the cash value is $3,000, the loan would be taken against the $3,000.
No, Auto Insurance is required to Operate a motor vehicle on public roads, If the College student does not drive, then it is not necessary to have auto insurance nor is it nec…essary for them to have a drivers license.
Answer . Probably not, if you drive any vehicle with any regularity (siblings, parents when you're homet etc) you need to be a listed driver, and rated on that policy.. If …you occasionally drive a friends car (with their permission of course), subject to any exclusions you should be fine. If you do not drive at all ever, then no, you do not need a policy....
If someone dies while they still owe student loans can the government take the money from life insurance policy?
In most cases student loans include a clause that cover the event of the person's death, usually by having the loan written off completely. You should doublecheck the loan agr…eement for what happens if the person dies, just in case it unfortunately does occur.
Yes. In case anything happens to us, the lending organization would claim the money from the insurance policy instead of troubling our dependent family members to pay off t…he loan.
To answer simply, persistency allows to know the customers retained. Persistency can be calculated in terms of Insurance as . First year persistency(Customers retained aft…er end of first year after completion of grace period) . Second year persistency(Customers retained after end of second year after completion of grace period) and the calculation could go on till number of years the calculation is required. Now insurance companies & IRDA seem to focus of 1st, 3rd & 5th year persistency. Persistency calculation formula. Persistency Formula = No. of Clients Paying the Premium / Net Active Clients * 100 Net Active Clients Formula = Total Clients - (Clients in Freelook + Surrender + Death) In simple terms, Business sourced & customers retained after completion of specific period.
Insurance is a tool to prevent financial loss. If there are ones that would be put at a disadvantage because of your loss of income or if you have debts that would cause hards…hip then you need life insurance.
I would say when you die its very necessary for the family/next of kin, so they can pay all your funeral cost and bills you have left. ANSWER: Today's life insurance will pay… benefits not only at death, but also in the event of illness, accidents, job loss (see life insurance with mortgage protection feature, disability benefits, etc). Talk to an experienced agent to help you choose the most comprehensive protection with living benefits, not just death benefits.
It helps to have constant pace of academicall progress.It helps to work all the subjects on in time. .
Yes without strictness the student tends to do what he feels is right, witch in fact may be quite the opposite. For the student to comprehend what is right they should be taug…ht in which ever way is better not just the nicest way
EssentialLife Â® Universal Life Insurance: Permanent form of Life coverage that offers a great deal of flexibility to the policy owner. Premium payments may be varied, deat…h benefits may be changed, partial surrenders are allowed, and cash value may be accessed either through loans or direct withdrawals. Premium payments are deposited into an accumulation account where mortality charges and administrative charges are deducted monthly. Any remaining amount to the accumulation account is credited with interest. The policy's flexibility allows the policy owner to make, within IRS limits, contributions in excess of regular premium payments, which may substantially increase the policy's cash value; cease making premium payments for a period of time; change the death benefit options; and request partial surrenders. Money deposited to the accumulation account is subject to a surrender charge, if withdrawn, during the surrender charge period.
when u first get loan , it has insurance on it, been paying on it til loaner has passed away. does that insurance expires before loan paid off or til it paid off. loaner died …jan 30 2012 and loan is paid off 2/14/2014
It depends on who the insurance policy has named as a beneficiary. If the student is listed as the beneficiary then they can spend it however they like. If the beneficiary is …a trust then the trust may have stipulations as to how it can be spent and the trustee would then be charged with spending it correctly. All of this would be spelled out in a will or trust.
No. Life insurance is paid the the beneficiary named in the policy, your creditors have no claim against the insurance proceeds EXCEPT if the proceeds are paid to your estate.…
A "cash loan", as you have called it, is a loan based upon the cashvalue of a whole life insurance policy. Only whole life insurancepolicies (not term policies) accumulate cas…h value. Each premiumpayment is allocated between the cost of providing the indemnityprotection (the "pure" protection), the administrative costs of thecompany, and what may be considered a "savings" element that isbuilt into the policy. But do not confuse the "savings" elementwith a real savings account, because it is not; insurance isprotection, not an investment. The cash value builds slowly atfirst but more rapidly as the policy matures. All of that said, whole life policies generally allow for policyloans against the cash value of the policy. The loans bear interestat a rate stated in the policy. They need not be repaid, but ifthey are not, the accumulting interest eats away at the indemnitybenefit. Likewise, if the loan is not repaid at all, upon theinsured's death, the principal amount of the loan plus accruedinterest is deducted from the indemnity benefit paid to thebeneficiary(ies).
Education necessary for a good student life. Report ?