Retirement & Financial Planning Report

As you age, your need for life insurance changes, too. When you were building a family, with young dependents, you were well-advised to sign up for ample protection, in case of your untimely death. As you grew older and your children went out on their own, such safeguards no longer were vital. Moreover, you may have accumulated sufficient assets to provide for your surviving spouse. Now, you might be paying substantial premiums for coverage you no longer desire.

Fortunately, you have more choices than ever before, regarding your life insurance:


1. You can keep your policy in force. If you still have loved ones who depend on you or if there will be a need for liquidity after your death, you can continue to make premium payments.

2. You can downsize the policy. Depending on your specific circumstances, you may be able to pay lower premiums–or no further premiums–for a smaller death benefit.

3. You can sell your policy. Alternatively, you can offer your existing insurance policy to the highest bidder. Today, there are many eager buyers so a broad secondary market for life insurance policies is developing.

Generally, buyers are most interested in policies insuring the life of someone over age 75. Therefore, this might be a good opportunity for a parent or grandparent who has a policy that’s no longer needed. An experienced life insurance agent may be able match interested buyers with serious bidders.