If you are interested in giving up your whole life insurance policy given that you want the funds to pay for a severe or life-threatening illness. Rather than surrendering your policy for the money value, an accelerated death advantages rider would allow you to access funds from the death benefit in the event that you are diagnosed with a terminal condition. In spite of this, maintain in mind that these funds would be subtracted from the payout beneficiaries get when death occurs.
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The life settlement option
A life settlement is when a life insurance contract is sold to an investor in exchange for a sum of funds, which quite often exceeds what would have been paid to you if your life insurance contract was allowed to lapse or was surrendered for money value.
A life settlement could be an option if you have determined that you no longer want your whole life insurance policy given that you no longer have a life insurance want.
Confirm your life insurance demands
Jim Holtzman, an advisor and shareholder with Legend Monetary, Pittsburgh, Penn., recommends that you make contact with your life insurance agent or monetary advisor to do a demands analysis. This is an assessment that can aid you define your monetary demands and objectives, and to account for ongoing responsibilities such as education costs, mortgage obligation, or retirement demands. Given that there may be tax consequences to modifying or terminating a whole life policy, consultation with a qualified tax advisor is also a wonderful idea.
Holtzman adds that he is cautious when customers want to get rid of a life insurance policy. There are a variety of solutions that ought to be regarded as very first, such as paying premiums from money value or by means of policy dividends. For those who have a want for the funds, the money value can be employed to pay for a long-term care policy or a mixture of long-term care and life insurance.
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