by joven222 » Tue Jan 16, 2007 09:28 pm
Hello!!
I believe you have heard about revocable and irrevocable life insurance policy.
Can any one explain what are revocable and irrevocable life insurance policies? How these two differ from one another and what are the advantages and disadvantages of each one.
If you can include where these two life insurances are applicable, feel free to do so.
Thanks a lot!!
I believe you have heard about revocable and irrevocable life insurance policy.
Can any one explain what are revocable and irrevocable life insurance policies? How these two differ from one another and what are the advantages and disadvantages of each one.
If you can include where these two life insurances are applicable, feel free to do so.
Thanks a lot!!
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Posted: Mon Jul 05, 2010 12:06 pm Post Subject: loan
my son currently has life insurance policy he owns it, he pays for it, and is beneficary of it , on his mother, policy is in his revocable living tust.........he wants me to lend him some money, i want to be sure he pays me back, ok.......... can i be added as a 2nd trustee AND then adding verbage requireing both trustees, (him/me) to agree to any changes/cash it in etc in regards to the life inurance only ....Thank you...
Posted: Mon Jul 05, 2010 01:33 pm Post Subject: separated
i don't know why you separated...but at one time you were in love......he is terminal ill.....he needs your support.......and love......but all you are interested in is his life insurance.....very sad.........speaks volumes....
Posted: Mon Jul 05, 2010 02:55 pm Post Subject:
my son currently has life insurance policy he owns it, he pays for it, and is beneficary of it , on his mother, policy is in his revocable living tust.........he wants me to lend him some money, i want to be sure he pays me back, ok.......... can i be added as a 2nd trustee AND then adding verbage requireing both trustees, (him/me) to agree to any changes/cash it in etc in regards to the life inurance only ....Thank you...
He can't be the beneficiary of his own policy, his estate can be beneficiary of his policy, which is a bad idea.
If it's in a trust, then the trust is the beneficiary of the policy. You wouldn't be named trustee, but beneficiary of the trust if you were looking for money to be paid to you from this policy in the event if his death.
This is kind of a weird move, placing life insurance inside of a revocable trust. Not a lot of point if you ask me.
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i really like this insurance but can someone explain it more about this insurance.
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Posted: Mon Jul 05, 2010 07:32 pm Post Subject:
I did not make myself clear..
1. .policy is on his mother not him.
2. he wants me to personally loan him the money, i need to add language somewhere, trust etc , like a lean as collateral, guess in a revocable trust.
thus requiring trustees, (me/him), to agree so he can't change or cash out policy, thereby leaving me in a lurch for my money i loaned him.
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