Before anyone chastises me for writing this article for Think Advisor, please know that I believe in life insurance. It is a very important financial planning tool for families. But, I have also seen, that over time, sometimes policies can become unneeded or unaffordable. If that is the case, selling a policy can make sense - generating 5 times cash surrender value for clients last year. All I am saying is that of the millions (yes, millions) of people who lapsed or surrendered their policies last year, only about 3100 sold their policies. The reason? They did not know selling was an option.
I am not saying that everyone can sell their policy, but I am saying that many, many more than 3100 could have. Financial, insurance and legal advisors, if you have a client who is considering lapsing or surrendering their policy, contact a reputable life settlement expert to ascertain whether selling the policy makes more sense for your client. We're here to help.