What Should Seniors Do When Life Policy Not Needed?

At some point, many seniors reach a stage in life where their life insurance policy no longer serves its original purpose. The kids are grown. The mortgage is paid. The spouse has passed. The question becomes: what do I do with this policy?

The two most common answers are to cancel the policy or let it lapse. Both options result in the same outcome — you walk away with little or nothing after years of paying premiums.

But there is a third option that most seniors never hear about: sell the policy through a life settlement.

A life settlement allows qualifying policyholders to sell their policy to a licensed third-party buyer for a lump sum cash payment. The amount is typically greater than the surrender value offered by the insurance company.

Qualifying generally requires being age 62 or older with a policy of $100,000 or more. Health history and policy type are also considered.

Before you cancel or lapse your policy, call Jack Davis at 727.735.3200 for a free policy appraisal. You may be sitting on more cash than you realize.