Avoiding Common Mistakes
When it comes to life insurance, there are several common mistakes that people make which can result in losing a valuable asset. The following is a list of some of these mistakes and the simple solutions that can maximize the benefits you may receive:

1. Leaving Your Group Policy Behind – When people are forced to leave work because of a terminal illness, they may not realize that they can often convert their group life insurance coverage into an individual life policy. If the insurance company allows for this option, they will generally raise your premium rate. However, even if you cannot afford the premiums for long, converting the policy may give you the time to set up a Viatical Settlement or make arrangements with the beneficiary to make the payments. Having cash in your hand or protecting your policy’s benefits is always better than letting a policy lapse with nothing to show for it. Normally, you have about 31 days from termination of your employment to convert your policy, but you may have more or less time depending on the carrier. We recommend checking with your company’s human resources department or the insurance provider for more details. Also, be sure to get everything in writing from the insurance provider and continually verify that any changes will not void your coverage or allow it to lapse.

2. Selling a Business, Closing a Business, or Retiring – Many companies have special insurance policies to protect against the loss of key personnel. When people close a business, retire, or leave for medical reasons, they often allow these policies to lapse because they do not need the coverage any more and do not want to make the premium payments. However, it may be possible to receive a substantial settlement for these policies. If you would like to receive a free, confidential settlement offer for an existing policy, Click Here!

3. Can’t Afford the Premiums – A large number of policies are cancelled each year because people can no longer afford the premiums. However, if you are disabled or diagnosed with a terminal illness, you may have provisions in your policy that waive your premium payments (as soon as you notify your insurance carrier) or allow for an Accelerated Death Benefit . We recommend that you consult your insurance broker or provider for your policy specifics. In addition, before you simply let a policy lapse with nothing to show for it, you should see if you qualify for a Viatical Settlement or Senior Settlement . If you qualify for a settlement, you will receive cash without having to pay any additional premiums. To see if you qualify, simply click on the highlighted word above.

4. The Policy Owner Would Rather Have the Cash Value Than the Policy Coverage – If you surrender a Whole Life Policy, you are entitled to a refund of all cash value that has accrued. If you have had the policy for many years, this cash value may be significant. However, if you have only owned the policy for a short time, you are a Senior Citizen, and/or you have been diagnosed with a serious or terminal illness, you may receive considerably more if you choose an Accelerated Death Benefit , a Viatical Settlement , or a Senior Settlement . For more information on these topics, simply click on the highlighted words above.