Many people have life insurance policies they have held for years. It may be a surprise that their policy has value that can be used in ways other than a payment to beneficiaries. Most policy holders aren’t aware they may have choices. This list was prepared for individuals who find they no longer need a life insurance policy, or have a strong immediate need for cash. The purpose of this list is merely basic awareness of potential options. Naturally internet searches will yield a wealth of information on these topics.

You should always read the policy, and find someone with proper expertise to review it with you. The company that issued the policy can provide information on some of the options. Third party impartial resources are also available to help you.

You will generally have the most flexibility with policies that have been in force for a longer time, have greater cash value, and greater death benefit.

Click here for the list of alternative uses of life insurance policies.