Author Topic: What to do with Life Insurance Policy - Life Settlement?  (Read 1092 times)

dundee

  • 5 O'Clock Shadow
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  • Posts: 33
What to do with Life Insurance Policy - Life Settlement?
« on: December 09, 2014, 11:09:21 AM »
Hello MMM's,

I have a $250k life insurance policy that I purchased 20 years ago. It is a combination of term and whole life. My monthly installment is $108 fixed. After 20 years, the Cash value of the insurance is about $18k. I am 48.

My question - I don't have the need for insurance policy any more. What options do I have? Can I just cash out for $18k? If I decide to keep it for next few years and decide to terminate it when I turn 65, what would be my option then? again just cash out for whatever is the paid up value at that time? Or are there any other options like Life Settlement? Has anybody used Life Settlement? What was your experience? How much could you get from Life settlement?

Thanks.


regulator

  • Bristles
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  • Posts: 469
Re: What to do with Life Insurance Policy - Life Settlement?
« Reply #1 on: December 09, 2014, 06:47:02 PM »
Life settlements are unlikely to be an option for you unless you have a terminal disease.  I would just cash it in.