HELP! Life insurance question! - Chicagoland Sportbikes
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post #1 of 16 (permalink) Old 09-13-2004, 06:52 PM
Slowass
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HELP! Life insurance question!

OK, I heard that if you have a life insurance policy on yourself, that you can borrow against it.

I do not know what company it is through -- My grandparents took a policy out on me, my mother and I are not speaking, and I want to investigate this.

I was told that there was some so-called "Federal Insurance Regularatory Commission" but several web searches, including one on a site listing federal departments/commissions, did not show ANY such commission.

HOW DO I FIND OUT HOW TO GET MY LIFE INSURANCE POLICY???

Thank you!
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post #2 of 16 (permalink) Old 09-13-2004, 07:02 PM
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You can borrow and/or take money against the already paid premiums on certain policies; but not all. Without knowing the company you are sol. You have to know the company because some new HIPPA laws carry over to insurance companies because it contains medical information. There is no way to go find out if you have insurance by searching. It is private info not public. So the short of it is, call your grandparents and find out.

Hope this helps.

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post #3 of 16 (permalink) Old 09-13-2004, 07:07 PM
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Not exactly what you’re looking for but may be helpful.


http://www.ehow.com/how_4063_borrow-life-insurance.html
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post #4 of 16 (permalink) Old 09-14-2004, 12:22 AM
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It sounds like your grandparents are the policyholders and not you, so I doubt you could borrow the money.

Also, what kind of policy are we talking about? If it is a term policy, there are is no borrowing, that's why rates are so low on those types of policies. If whole life or universal, one can borrow.

Additionally, insurance is regulated on the state level moreso than on the federal level. I don't know if the state department of insurance could help you on this:

http://www.ins.state.il.us/default2.htm

There is an email address for questions.

"Stupidity is also a gift of God, but one mustn't misuse it." - JP2

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post #5 of 16 (permalink) Old 09-14-2004, 11:57 AM
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I'll check those links, but in the meantime, I know that it is NOT a term policy, and my grandparents have passed. My mom would never cooperate and give me the info. I just know it.
post #6 of 16 (permalink) Old 09-14-2004, 12:02 PM
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If your grandparents have passed, is your mom making the payments on the policy?
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post #7 of 16 (permalink) Old 09-14-2004, 12:23 PM
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There are no payments on the policy, as far as I know...If there are, I think it might be getting paid on by the trust. My mom would NEVER tell me anything about this (she's executer, BTW).
post #8 of 16 (permalink) Old 09-14-2004, 01:33 PM
 
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I would seriously try to patch things up w/ MOM.......just so you don't get screwed out of something that was set up FOR YOU by the Grandparents...........
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post #9 of 16 (permalink) Old 09-14-2004, 02:29 PM
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http://moneycentral.msn.com/content/...ife/P35421.asp

This mite help, I'm doing a little research
post #10 of 16 (permalink) Old 09-14-2004, 02:30 PM
post #11 of 16 (permalink) Old 09-14-2004, 02:33 PM
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speaking of life insurance, hey nick you EVER gonna pay me bro?



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post #12 of 16 (permalink) Old 09-14-2004, 02:47 PM
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National Association of Insurance Commissioners,

thats who you need to get in contact with Sweet Heart
post #13 of 16 (permalink) Old 09-14-2004, 03:42 PM
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Wait, You can get a life insurance policy that is not you? I know I can take one out on myself and tell them who the benifator is.

I didn't know I could get a policy on oh say Grasshoper and name myself as a benifactor. Hell, I'll do that pay the premiums for a couple years and then WHAM He get hit by a truck while crossing the street. I know I'm missing something here.

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post #14 of 16 (permalink) Old 09-15-2004, 12:30 AM
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Rachel,

If we're talking a lot of money here, and if your grandparents left you the policy in their will, then you may want to look into a lawyer, especially if you have some evidence that your grandparents left you the policy and your mom is uncooperative, which could be grounds for a lawsuit. You say it is in trust, perhaps you could check with the trust company? Or the probate court if any of the estate is going through probate?

"Stupidity is also a gift of God, but one mustn't misuse it." - JP2

"Life is just a place where we spend time between games" - former Philadelphia Flyers coach Fred Shero

"everyone's a nutjob, some just have more restraint than others" - EndlessRR
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post #15 of 16 (permalink) Old 09-15-2004, 12:41 AM
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Quote:
Originally posted by rdrash
Wait, You can get a life insurance policy that is not you? I know I can take one out on myself and tell them who the benifator is.

I didn't know I could get a policy on oh say Grasshoper and name myself as a benifactor.
You need to have what is called an "insurable interest" in the person you are taking out the policy on, i.e., you would suffer from some sort of financial loss if Grasshopper died. Some examples of insurable interest include when one depends on a spouse or other close family member for support (even if not financial, if the person died, you might need to hire someone to help provide care that the person who died used to provide), a creditor's interest in the person he loans a sizable sum of money to, and "key partner/person" insurance for businesses.

Hope this helps!

"Stupidity is also a gift of God, but one mustn't misuse it." - JP2

"Life is just a place where we spend time between games" - former Philadelphia Flyers coach Fred Shero

"everyone's a nutjob, some just have more restraint than others" - EndlessRR
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post #16 of 16 (permalink) Old 09-15-2004, 07:17 AM
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That make more sense Norsman. Thanks.

Now I need to take out insurance on my Ho's If they kicked the bucket I'd be out some money. Damn John's can get a little ruff with them sometimes.

I'm not short. I'm aerodynamically efficient.

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