At what age can you collect on your own insurance policy?

Answer 1

Life insurance is not a product that is designed to pay yourself. It is designed to leave a benefit after you have passed. So there is no point in which you can collect on your own benefit.

With that being said, there is something called an Accelerated Death benefit rider which allows a person to draw down on their benefit, if they are diagnosed with a Terminal illness. The specifics on this rider would have to be reviewed with the specific insurance company you work with though.

The only way that you can collect on your own insurance policy is if you own a Cash-value based policy, from which you can borrow or surrender the cash value; or if you own a Return of premium Term Life policy and have outlived the Term period, in which you would receive a 100% rebate of all premiums paid.