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In other words, do I still need the policy. Does it ever make sense to sell a policy and deprive the beneficiaries from realizing the full death benefit. For example, suppose you purchased the policy for your spouse because she was not entitled to a portion of your income if you died (life only annuity). A life insurance contract is an agreement between the insurance carrier and the owner/insured to provide a benefit upon the death of the insured to the named beneficiary. Let's say that some years after you purchased. This was the sole reason for purchasing the policy. Holli is life settlement awareness month and represents a good opportunity to answer the question of why someone would want to sell a life insurance policy. To properly answer the question you must ask yourself another question for what reason did I purchase the life insurance policy in the first place and is that reason still valid. In return, the owner/insured must pay premium to the carrier in an amount sufficient to keep the policy in force on each contract anniversary date. |