Life insurance

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Butt
Posts: 41
Joined: Mon Mar 11, 2019 10:48 pm

Life insurance

Postby Butt » Fri Feb 21, 2020 11:38 pm

If you surrender your life insurance vans use you are terminal do you pay Texas on that amount?

martd
Posts: 128
Joined: Tue Nov 21, 2017 3:48 pm
Location: Phoenix, Az

Re: Life insurance

Postby martd » Sat Feb 22, 2020 12:20 am

Are you referring to selling your policy, or filing a claim with the insurance company? My life insurance policy has a terminal illness rider and also a critical illness rider. I was able to file for the critical rider and draw out a portion. There are no taxes due on life insurance payouts. I don't know about selling the policy.
49 y/o male dx 11/2017 crc
Stage 4 with 17 liver Mets, cea 490
RAS, BRAF WT Tp53 LOF
12 rounds folfox , avastin
5/18 cea 2.8 liver resection and pve
7/18 part 2 liver resection, remove right side of liver
Surgical site mrsa infection, wound vac
8/18 cea .9 cCR, rectal tumor is gone
Rectal surgery postponed, watch and wait
10/18 clear scan CEA .7
01/19 clear scan CEA .9
04/19 clear scan CEA .9
07/19 clear scan CEA 1.0

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DBF
Posts: 328
Joined: Fri Jun 07, 2013 1:44 pm
Facebook Username: https://www.facebook.com/#!/profile.php?id=1000008
Location: New York

Re: Life insurance

Postby DBF » Sat Feb 22, 2020 7:22 am

You can sell a policy (it’s called a “Viatical Settlement) and pay zero taxes if you get a letter saying it’s “reasonable” that someone with your condition would die within 24 months. I got that letter from my doctor.

I sold a term policy back when I was diagnosed stage 4. If I outlive the term, it will be free money. If I die before the term ends, we will have only gotten 65% of the money. You won’t get the full amount, but depending on how sick you are (how likely the policy will pay out), you will get a percentage. The buyer becomes the beneficiary. We had a few offers to choose from. If you have a term policy and might live out the term, I would say it’s worth it to sell if you have a likely chronic illness. Of course, you’d be gambling a portion of your insurance away. Not sure if that all makes sense.

Kind of a macabre topic... :-)
6/13 Dx @ 29 Wks pregnant, 42 yo
Adenocarcinoma, mucinous
7/13 C-sec/col resec/part. hysterectomy
8/13 Pulm embolism
8/13 Spread to liver
9/13 Liver resection
FOLFOX
CEA UP
ADAPT: Xeloda/Celebrex
2/14 oopherectomy
10/15 obstruction surg
10/17 Scar tissue removal/vsg surg
2019: NED :)
2021: NED :D
2022: NED :)
Mom to 3 boys: 24, 13 & 9

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DBF
Posts: 328
Joined: Fri Jun 07, 2013 1:44 pm
Facebook Username: https://www.facebook.com/#!/profile.php?id=1000008
Location: New York

Re: Life insurance

Postby DBF » Sat Feb 22, 2020 10:04 am

Wow- an hour after I responded to this post, I got an email advertisement for term life insurance. :shock:

I wonder if I’d qualify. :lol:
6/13 Dx @ 29 Wks pregnant, 42 yo
Adenocarcinoma, mucinous
7/13 C-sec/col resec/part. hysterectomy
8/13 Pulm embolism
8/13 Spread to liver
9/13 Liver resection
FOLFOX
CEA UP
ADAPT: Xeloda/Celebrex
2/14 oopherectomy
10/15 obstruction surg
10/17 Scar tissue removal/vsg surg
2019: NED :)
2021: NED :D
2022: NED :)
Mom to 3 boys: 24, 13 & 9


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