“Far too many seniors who own life insurance will throw their policy away without realizing it is a stable and valuable asset that they can tap into.
Because the transaction monetarily rewards the policy owner the older and more impaired they become, it is a rare financial outlet that has actually increased in value during the coronavirus pandemic.”
Very few people are aware that life insurance is an asset that can be sold. If you are even thinking about letting a life insurance policy go, seek counsel before doing that. You could be giving up thousands of dollars! Here’s the entire article which will explain how selling a life insurance can provide much-needed cash. The company that buys it takes over the premium and gives the policyholder a specific percentage of the death benefit. For term insurance, the key is to be sure the policy has a conversion provision. You can find that out in the policy language and/or by calling the insurance company.