<p>Enter the cash value (not the death benefit or surrender value) of your parents' life insurance, including Permanent, Whole, Ordinary, Universal, and Single Premium policies. If your parents have no life insurance or ONLY Term Life Insurance, enter "0." </p>
<p>I'm an international applicant and I am requested to report the item above. I'm not terribly sure of what they are asking for - are they asking for how much my parents pay to insurance companies? My deadline is coming up really son...Any answers are appreciated!</p>
<p>Do your parents have an insurance policy that insures their LIFE? In other words, if they die, do they have a policy that will pay a benefit to someone? Ask THEM this question. The Profile wants to know the value IN this policy, not the premiums they pay.</p>
<p>It depends on the type of policy. They are asking about policies that have a current value that could be cashed out before the owner’s death. You would not report a policy that only pays out in the event they die. For instance a term policy is one that only pays out in the event of the policy holders death and has no current cash value as it may never pay out if the owner does not die before the term is up. Other types of policies may have a current value because the owner can choose to cash out the policy for a lesser amount at some time before their death. It is the current value of that type of policy they are asking about.</p>
<p>If your parents do have one of the types of life insurance policies listed in the question, and as stated this doesn’t include term life, the cash value is often shown if your parents have online access to their insurance account. Otherwise, they would have to call the insurance company or perhaps their agent to find out the current cash value.</p>
<p>In other words, if your parents have life insurance policies that they can cancel now and get some money from the companies, enter the amount of money they would get.</p>