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it is now potential to sell your whole life insurance policy to the highest bidder and take a dollars settlement, called the life settlement, and use it for whatever purpose that fits your circumstances.
However, before going down this promenade I recommend that you consider your alternatives. Logicize about it, there would be in no way such thing as a life settlement industry if there wasn't a ton of gold to be made switching old policies for new - which is the goal of the industry after all.
They are not in the life settlement business for their health or your profit. In fact it wasn't very many years ago when folks who recommended that you switch an old policy with a new one were truly breaking the insurance laws in their states.
Buying life insurance is just about the most unselfish thing anyone can do. Having some advisor herald you that you don't need it any more and more is continually an irresistible opportunity to collect back to thinking of themselves.
Surrendering a life insurance policy, getting a bunch of swag back for themselves and buying another life insurance policy with some of the proceeds and putting the rest in their billfold is an offer they don't want to refuse.
However, the need for life insurance never goes away. The assets and fold you are protecting and the reasons you must want to protect them change, but it's still there. The everybody suggesting that you don't need the insurance anymore because the specific basis you bought it in the first place has changed are not looking out for you, they are looking out for them and their commission.
Before you clearly consider a life insurance settlement proposal contact the cooperation that sold you the insurance in the first place. Go to the company's web site, not that of the commission agent - since they may have very different objectives, and see what options are available without generating a huge new commission for the fold recommending that you mutual transfer your old, according to them "outdated" life insurance policy for a new one.
Presume about it, don't you imagine that State Farm, Guardian Life, Minnestoa Life and all the other well established companies have creative ways to adjust the billions and billions of life insurance policies they have sold to meet situations like this? For them keeping the life insurance policies on the books is the single most profitable thing they can do.
So talk to children at the home office who are ready to make the adjustments necessary in the whole life policies you hereunto have. Then seek the input of knowledgeable flock you trust, maybe members of your business to business peer group, who do not have a financial stake in the conclusion you make.
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