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| Insurance (Photo credit: Christopher S. Penn) |
Life insurance is something many of us have. It's not something we ever want to need, but we pay the premiums every month because we want our families to be taken care of if something happens to us. As people grow older, the kids grow up and move out, the mortgage gets paid, and the needs of the family aren't quite as high. In the meantime, premiums continue to increase. Often senior citizens are paying high premiums for policies that no longer meet their needs.
If you're in this situation, the question then is - what do you do with that life insurance policy? There are a few choices -
- Continue paying those ever-increasing premiums - often on an ever-decreasing income.
- Cancel the policy and stop paying premiums - and walk away with nothing of what you've paid in over the years.
- Cash in the policy for a small percentage of what you've paid in - somewhere around 10%.
- or Sell the policy via Life Settlements and get more from it - usually 25-30% of the policy value.
We're not yet to the point that we'll be checking into this option, but we are at the age that the premiums are going to start going up. We're also at an age that we need to concentrate even harder on making sure we have the money we're going to need to live on when Jeffrey retires. This may be something we'll need to look into when the time comes.
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