FUNDS....please help

[Ahmad06]

Dear all,
I have my life insrance in US dollars,and i have paid 12000 Us dollars as my 3 installments, for that i hv receipts showing payment for my installments...can I use this 12,000 US dollars as proof of funds..pls comment.

 

[PMM]

Hi

Dear all,
I have my life insrance in US dollars,and i have paid 12000 Us dollars as my 3 installments, for that i hv receipts showing payment for my installments...can I use this 12,000 US dollars as proof of funds..pls comment.

No, not unless you are dead, as that is when they pay out.

PMM

 

[jeby]

Dear PMM,

"Brevity is the soul of wit". Your short but meaningful posts worth saving... + for you

 

[charmeuse]

I agree 100%! PMM's replies are very amusing to read, very crisp and concise. No beating around the bush for him 8)

Tough luck, Ahmad06. Hope you have something else planned.

 

[Ahmad06]

Thanks u all but insurance companies pay off when u surrender....its a form of liquid money...need comments

 

[jeby]

Dear Ahmad,

I don't know the case in USA. But in India, if it is a pure Life Insurance, you will get back the amount you have paid as premium (and in some cases with bonus/ interest), if you are alive at the time of maturity. The problem is that, it will take a long period to mature it (say a period of 15 years/ 20 years)!!.

We have another instrument called ULIP (unit linked insurance policies), which is linked to stock market and insure your life too. It is some sort of an investment. Here, in addition to the amount of premium, on maturity, you will get a return for your risk (depending on stock market fluctuations, it may go up or down !!).

I don't know whether IO will accept it as liquid fund. But if you are confident, you can show the offer document of Insurance Company highlighting the relevant paragraphs.

(Initially, I too planned to show it as a proof of funds, but now according to the advises of senior members, not going to show it)

Good luck !!

Jeby

 

[Ahmad06]

Thank you Jerby for your detailed comments..i must plan something else as well...

 

[dodan]

i disagree in case u can show the surrender value... say in case u surrender the policy - u get x amount... that may work. is it other than term life insurance... i guess otherwise the amount such as $12000 is too much for just term life. In case of term life PMM is correct. If this is something like whole life, universal life or variable life, endowment type of insurance - u do have a larger amount as the surrender value.

then why can't u show a letter that verifies teh surrender amount at this point time?