other words it is now available 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 trail I recommend that you consider your alternatives. Cogitate about it, there would be no such thing as a life settlement industry if there wasn't a ton of wealth 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 offspring who recommended that you switch an old policy with a new one were positively breaking the insurance laws in their states.

Buying life insurance is just about the most unselfish thing anyone can do. Having some advisor argue you that you don't need it any more is in many instances an irresistible opportunity to come by back to thinking of themselves.

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

However, the need for life insurance never goes away. The assets and flock you are protecting and the reasons you need to want to protect them change, but it's still there. The flock 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 critically consider a life insurance settlement proposal contact the corporation that sold you the insurance in the first place. Go to the trade association's web site, not that of the commission agent - since they may have very different objectives, and see what options are available without generating a huge new commission for the flock recommending that you reciprocity your old, according to them "outdated" life insurance policy for a new one.

Reason about it, don't you imagine that State Farm, New York Life, Prudential 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 moved to make the adjustments necessary in the whole life policies you up to now have. Then seek the input of knowledgeable everybody you trust, maybe members of your business to business peer group, who do not have a financial stake in the judgment you make.


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