Your life insurance policy is more than just a safety net—it’s a financial asset. Understanding your options can help you make the most of your policy:
Keep the Policy:
Continue paying premiums to maintain coverage for beneficiaries.
Surrender the Policy:
Cancel the policy and receive its cash surrender value.
Let It Lapse:
Stop paying premiums and lose coverage, which results in no payout.
Consider a Life Settlement:
Sell your policy to a third party for a cash payment. This option often provides significantly more value than surrendering it.
How Do You Decide?
It depends on your financial needs, the policy type, and your goals. Life settlements are ideal if you no longer need the coverage or find premium payments unaffordable.
ManorLiving.org is here to help you explore your options and find the best solution for your needs.
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