1. 1492 POINTS
    Jeff Davis
    Insurance Advisor, Lordship Insurance Services, California
    It will depend on the type of policy it was and whether or not you are named on the policy as a beneficiary or an owner. The only policies you can cash in are those that have a cash value associated with them. Not all policies have a cash value so if you are the owner you cannot access any cash (if you own a term policy on yourself). But if you are the beneficiary and the insured dies, any cash value associated with the policy becomes yours.
    Answered on September 18, 2013
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