|HOME INSURANCE ADVICE INSURANCE QUOTE INSURANCE LINKS|
Non-Recourse Life Insurance
This is a new type of life insurance that is targeted for elders with assets of over a million dollars. To sum it up, the insurance is a way for you and the company that pays for the insurance to bet on when you will die.
Ok, the non-recourse life insurance isn't where you just pick a day and get a payout if you are right. The policy works by determining if you are eligible, and then a life insurance policy is taken out for a sizable amount, usually in the 2-5 million range. An investor or financial company will pay for your life insurance during the period, typically 2 years. If you die within the 2 years, your heirs will receive the life insurance that was taken out minus the money you borrowed by having the investor pay for your life insurance plus interest and fees.
For example, if your non-recourse life insurance policy is for $10 million and the loan is at an annual rate of 10% interest and you die within 1 year, the party that lended you the money will receive $1,000,000 plus any additional fees while your heir will receive the remaining amount which will be close to $9 million. Doesn't this sound great? You paid nothing from your pocket until you die and then the money comes from the life insurance policy.
|Alaska, Alabama, Arizona, Arkansas, California Homeowners Insurance, Colorado Homeowner's Insurance, Connecticut, Delaware, Washington DC, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas Homeowners Insurance, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming|