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to sell your whole life insurance policy to the highest bidder and take a hard currency settlement, called the life settlement, and use it for whatever purpose that fits your circumstances.

However, before going down this avenue I recommend that you consider your alternatives. Conceptualize about it, there would be no such thing such thing as a life settlement industry if there wasn't a ton of bucks to be made switching old policies for new - which is the goal of the industry after all.

They are not in the life settlement business for their health or your profit. In fact it wasn't very many years ago when children who recommended that you switch an old policy with a new one were clearly breaking the insurance laws in their states.

Buying life insurance is just about the most unselfish thing anyone can do. Having some advisor declare you that you don't need it any more and more is often an irresistible opportunity to extract back to thinking of themselves.

Surrendering a life insurance policy, getting a bunch of dough back for themselves and buying another life insurance policy with some of the proceeds and putting the rest in their palm is an offer they don't want to refuse.

However, the need for life insurance never goes away. The assets and everyone you are protecting and the reasons you had better want to protect them change, but it's still there. The kith and kin suggesting that you don't need the insurance anymore because the specific excuse you bought it in the first place has changed are not looking out for you, they are looking out for them and their commission.

Before you decisively consider a life insurance settlement proposal contact the agency that sold you the insurance in the first place. Go to the company's web site, not that of the special agent - since they may have very different objectives, and see what options are available without generating a huge new commission for the blood relative recommending that you commerce your old, according to them "outdated" life insurance policy for a new one.

Speculate about it, don't you imagine that Primerica Insurance, Kansas City Life, State Farm, and all the other well established companies have creative ways to adjust the billions and billions of life insurance policies they have sold to meet situations like this? For them keeping the life insurance policies on the books is the single most profitable thing they can do.

So talk to family at the home office who are impelled to make the adjustments necessary in the whole life policies you to this day have. Then seek the input of knowledgeable children you trust, maybe members of your business to business peer group, who do not have a financial stake in the action you make.

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