According to the National Association of Life Underwriters, 72% of all individuals with a terminal illness allow their policy to lapse. Before you let this happen, there are some options you should know about:

1. You may have provisions in your coverage that waive payment of premiums if you become disabled or seriously ill, as long as you notify your insurance provider. Consult your life insurance agent or provider for your policy specifics.

2. If you do not have an immediate cash need, but you cannot afford your premium payments any longer, you may want to find out if your beneficiary is interested in making the premium payments for you, because it is in their best interest.

3. If you have a Whole Life policy, you may be able to borrow against the cash value, use the cash value to pay your premiums, or use the cash value to buy different coverage that would not require additional premium payments. These are referred to as Nonforfeiture Options. For more information on this topic, click here!

4. If you have immediate cash needs, you may have the option to sell your policy for cash if you have been diagnosed with a terminal illness. This process is called a Viatical Settlement or Life Settlement.

5. If you are leaving a job and can’t afford or don’t want your policy, you may still want to convert your group life policy into an individual policy to avoid losing the coverage or provide the time needed to make arrangements for your beneficiary to make the premium payments or to sell your policy and augment your financial resources.

6. Finally, depending on your policy you may have an option called an Accelerated Death Benefit or Living Benefit, which will pay part of the policy benefits while the person insured is still alive, as long as certain conditions are met.

For a free, confidential evaluation of your options, please Click Here or contact us at (877) 563-2100.

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