Cashing out

There was a survey that said that 55 percent of seniors have allowed their life insurance policies to lapse, viewing it as a liability instead of an asset. Now why is that? Well no one knows but 80% of the adults 66 and over aren't aware that they can sell an existing life insurance policy for a cash pay out. Now is this worth it? Well no because what if you you sell out then something happens to you? Well that will leave your next to kin in bad shape. The survey also uncovered that for 24 percent of respondents the reason they first bought life insurance has changed, and anxieties about paying for long-term health care still weigh heavily on seniors as two-in-five are concerned they will not be able to pay for long term medical care during their retirement years. The buying company pays the remainder of the policy premiums and collects the full benefit when the policy seller dies. Often a settlement provides five to eight times the amount offered if the policy was surrendered back to the insurance company.