Smart idea or stupid idea? Life insurance policy.?
19 May 2017, 09:01 PM
Update: I have a 7,300 loan attached to my life insurance policy is it possible to transfer the 55,000 to another insured company to cash out what the policy is worth $55,000? To pay off the loan so theres no bankruptcy due to failure of payments over financial issues.......  
Votes: 42

your policy might be a $55K policy but that is NOT the cash value to close it out
and of course, the loan against it as to be paid which will come out of any cash amount you might get
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A long question with some complicated concepts. The question deals with monetary issues, but the question tone is natural. The question isn't very well explained, but well formed.
The answer is short and a bit shallow. focuses around money, and the tone is tentative. The answer isn't very clear, but quite easy to comprehend.
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