It may be possible to redeploy a policy’s cash value to help achieve a new set of goals.
By restructuring a policy into a new contract and reducing the death benefit, policyholders may be able to eliminate or substantially reduce future premiums.
Fund Long-Term Care
An existing policy may be restructured into a new policy with a long-term care rider. Whether care is needed at home or in a nursing home, a long-term care rider can help cover expenses.
Sell the Policy
In exchange for a future death benefit, a policy owner may have the potential to sell a life insurance policy to a qualified institutional buyer.
Any new policy acquired may include surrender charges and other acquisition expenses. Added benefits and policy features are generally available for an additional policy fee. Life settlements work best for older insureds (age 70+) that have had a change in health and circumstance since the policy was issued.