Ask Terry Questions Surrender life insurance poliicy for cash

Surrender life insurance poliicy for cash

By Terry Savage on December 17, 2018 | Insurance & Annuities

Is there a program whereby a senior over the age of 75 with a life insurance policy of over $100,000 can surrender the policy for cash?

Terry Says

I would have to know more about what kind of life insurance policy you have — whether it is a “term” policy or a whole life cash value policy.  I suggest you call the insurance company and ask if there is any “cash value”.  But are you sure you don’t want to leave it to your designated beneficiary?

There are some ways to “sell” even a term policy — but then you have a stranger hoping you will die!  I don’t like that kind of arrangement.  Please write back with details.



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