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Q. What are my options if I do not need my life insurance any more?
A.There are several options depending upon your age and state of health. If you are under
age 65 and are in good health you can cash in your whole life, variable life and universal life policies
if you no longer need the coverage. If the policies are term you can cancel the policies.
If you are over age 65 and have some health conditions you should see if a senior settlement option
would work for you. This is where a company would run a life expectancy analysis and offer you some
percentage of the death benefit in return for them taking over the ownership of your life insurance policy.
You can usually get a substantial amount of cash over and above the cash value of your life insurance policy.
This can also work for term life insurance also. You should look at all of your options prior to surrendering
any life insurance policy.
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I’m over 65 and I no longer need or want my life
insurance policy. The policy’s death value is $250,000 or greater, and I would like to
see how much is it worth to me as a senior settlement,