Sunday, April 21, 2013

Do NOT Surrender Your Life Insurance Policy

With the struggles of the economy right now many people are allowing their life insurance policies to lapse or surrendering their policies.  This is a horrible option!  You have paid into your life insurance policy and there is no reason to surrender your policy and receive no benefit from it.

I love Dave Ramsey, I swear by the Dave Ramsey plan (or common sense plan as we sometimes call it at my house).  As such a firm believer in what Dave Ramsey teaches I absolutely recommend to any of you to have a life insurance policy and to keep this policy.  For quite a small fee you can know that should the unthinkable happen your family will still be taken care of.  I would hate to think about how I will make ends meet if something happened to my husband and vise versa & am very thankful we have invested in life insurance policies for our family (though not nearly as large as I would like them).  It definitely gives us peace of mind knowing that if something did happen (god forbid) that the other would still be able to pay the house payment, put the kids in piano lessons, etc.

However, although I highly recommend to always have a life insurance policy I know there are times when this may not be possible and someone may let their policy lapse or surrender the policy.  Many people do not know they can receive A Life Settlement for their policy.  A life settlement is a simple option where a broker will sell your policy to an investor or a company and you get paid!  If for some reason you cannot pay for your policy this should be something you definitely look in to.  Like I said I would highly recommend having a policy and keeping it but if your situation prevents this do not just surrender your policy & get nothing, definitely look into life insurance settlements & get something for all that money you have put in!

3 comments:

Season Reza February 11, 2014 at 7:35 AM  

Hi Ashley. I would have to agree with you that surrendering your life insurance policy is really not the wisest thing to do. Of course there would be unavoidable circumstances, wherein there's no other option but to give your insurance. However, I'm still on the side of having a life insurance. Good thing you mentioned the thing about a life settlement. That is good news for people who experience difficulty paying their insurance policies. Thanks for the share. :)

Season Reza @ InsuranceAdvantage.ca

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