Understanding Your Options

Many people do not realize that life insurance can be used as a financial tool while the insured person is still alive. Unfortunately, these same people cancel their policies or let them lapse because they cannot afford the premiums and they do not realize that they could have sold their policy for cash. The reality is that for many people facing a terminal illness immediate financial needs outweigh any future potential benefit of life insurance. If you have an immediate financial need or can no longer afford your premium payments, the following is a list of some potential options:

1. Surrender Your Policy / Allow Your Policy to Lapse

2. Adjust Your Coverage to Reflect Your Current Financial Situation

3. Borrow Against Your Policy’s Cash Value

4. Borrow Money from the Policy’s Beneficiary, Family, or Friends

5. Receive an Accelerated Death Benefit from Your Insurance Provider

6. Negotiate a Viatical Settlement

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