Don't kill your life insurance policy
Certain factors can invalidate a life insurance policy. Protect your heirs by taking these steps.
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Whether or not you need life insurance depends on your age, family structure and financial situation.
A mini-primer on permanent life insurance
Permanent insurance is more far complicated and expensive than term. Here's a rundown on the different types.


other words it is now doable to sell your whole life insurance policy to the highest bidder and take a silver settlement, called the life settlement, and use it for whatever purpose that fits your circumstances.

However, before going down this direction I recommend that you consider your alternatives. Surmise about it, there would be negative such thing as a life settlement industry if there wasn't a ton of do-re-mi 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 next of kin who recommended that you switch an old policy with a new one were indubitably breaking the insurance laws in their states.

Buying life insurance is just about the most unselfish thing anyone can do. Having some advisor articulate you that you don't need it any more is oftentimes an irresistible opportunity to effect 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 billfold is an offer they don't want to refuse.

However, the need for life insurance never goes away. The assets and blood relation you are protecting and the reasons you need to want to protect them change, but it's still there. The people suggesting that you don't need the insurance anymore because the specific reason 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 sincerely consider a life insurance settlement proposal contact the concern that sold you the insurance in the first place. Go to the organization's web site, not that of the broker - since they may have very different objectives, and see what options are available without generating a huge new commission for the persons recommending that you exchange your old, according to them "outdated" life insurance policy for a new one.

Presume about it, don't you imagine that Met Life, State Farm Insurance, New York Life, 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 sibling at the home office who are motivated to make the adjustments necessary in the whole life policies you already have. Then seek the input of knowledgeable everywoman you trust, maybe members of your business to business peer group, who do not have a financial stake in the conclusion you make.

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