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John Legal
John Legal, Attorney
Category: Legal
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Experience:  Over 15 years legal experience.
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My mother has a right to survivorship insurance policy ( Dad

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My mother has a right to survivorship insurance policy ( Dad is deceased) that ends on her 90 birthday 2/26/2013. how could it be used to pay assisted living costs. no loans ever on the policy and paid in full,always paid on time.
Welcome! Thank you for your question.

Does the policy have a cash value?
Customer: replied 3 years ago.

upon death $150,000

The death benefit is different than a cash value. Unless the policy has a cash value and the insurance is permanent then there is no way to get money out of the policy prior to death. You are describing a term policy that would not have cash value.

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Customer: replied 3 years ago.

I dont know what you mean by permanent but the cash value as of April 2013 is approx $10,000

Oh okay. You could have a couple of options then. You can either borrow from the policy, cash the policy in and take the cash value. If you borrow against the policy the death benefit remains but there is a loan that must be repaid. If you cash the policy in then you can keep the cash value now but there will be no death benefit. Either of these is done with the company directly. You would talk to the company about these options.
Customer: replied 3 years ago.

can we borrow against the $150,000 or only against the $10,000? thk you

Customer: replied 3 years ago.

did not receive answer to: can we borrow against the full $150,000 or only against the $10,000? thks

You would only be able to borrow from the 10k. Not the full death benefit.
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