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Thread: Insurance on death before a Lump Sum pension payout

  1. #1
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    Default Insurance on death before a Lump Sum pension payout

    I've lent a relative about $25,000 which is to be paid back to me in a few months when she gets a payout from a lump sum pension. However, if she suffers an untimely death between now and then the pension is no longer due and I am out of luck. Is there a company that would write an insurance policy insuring me for the payout should she die between now and then? She is 62 and her health is okay.

    Thanks



  2. #2
    Senior Member Level 1 DavidBlock's Avatar
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    Absolutely! You have an insurable interest and there are plenty of companies that would insure her (especially since she’s healthy). The one caveat may be finding a carrier that would issue a term policy that low. Of course, you could insure her for more and assign the balance to someone she would designate (just an idea).
    Last edited by DavidBlock; 11-23-2017 at 11:26 AM. Reason: Wrong word

  3. #3
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    Quote Originally Posted by DavidBlock View Post
    Absolutely! You have an insurable interest and there are plenty of companies that would insure her (especially since she’s healthy). The one caveat may be finding a carrier that would issue a term policy that low. Of course, you could insure her for more and assign the balance to someone she would designate (just an idea).

    That's for the advice David. I will check it out then.

  4. #4
    Senior Member Level 1 DavidBlock's Avatar
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    You're welcome ... if you need any further help, just ask.
    David M. Block, CLTC
    President
    Insurance Specialties, Inc.
    PO Box 1809
    Candler, NC 28715-1809
    800.358.8844 toll free
    828-667-1119 local
    828-667-2229 local fax
    www.insurance-specialties.com

  5. #5
    Senior Member Level 1 marindependent's Avatar
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    David - Nice answer!
    Scott W Johnson
    Whole Vs Term Life Insurance
    415-294-5454 CA LIC 0K10734

  6. #6
    Senior Member Level 1 DavidBlock's Avatar
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    Thank you, Scott.
    David M. Block, CLTC
    President
    Insurance Specialties, Inc.
    PO Box 1809
    Candler, NC 28715-1809
    800.358.8844 toll free
    828-667-1119 local
    828-667-2229 local fax
    www.insurance-specialties.com

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