Life Insurance Battle Ground Washington WA

Reader’s Question:

My brother and I are beneficiaries of a whole life policy on my father in Battle Ground Washington. He is not doing so well and requires assisted living care. Does this type policy offer any opportunities to improve his cash position? Thank you,

Monique

Battle Ground, WA

Hi Monique,

Sorry to hear about your father. It might be helpful that he has a whole life policy. You will need to get a power of attorney so that you can discuss the whole life benefits with the agent and carrier in Battle Ground Washington WA.

Two immediate possibilities come to mind with your insurance proceeds. We are assuming the whole life policy has cash value. Your father can borrow or withdraw proceeds from the policy. You will need to determine which scenario is better for him. Whole life policies allow for either of those options.

Another possibility is that he has a policy that provides a living benefit to the owners. There are situations where whole life policies can make certain funds available prior to death. Of course, this will reduce the death benefit. You, your brother and your father should discuss this possibility. Not all whole life insurance policies in Battle Ground WA are structured this way. Usually living benefits are only provided in terminal situations. We hope that is not your father’s case. Good luck!

Tags: life insurance, whole life insurance, life insurance claims, life insurance proceeds