When is it appropriate to cancel a life insurance policy?
3 Most Common Reasons for Canceling a Life Insurance Policy Just as the name implies, life insurance is usually for life. After all, the policyholder’s family will only receive the death benefits when the policyholder passes away. So why would anyone cancel a life insurance policy prematurely? Individuals usually sign up for life insurance to cover their own end-of-life expenses, to leave something behind for their spouse or their children, or to pay off the family’s mortgage and other burdensome expenses. Even with so much financial security in place, there are a few scenarios in which it might make financial sense to cancel a policy, depending on the policyholder’s current situation. Loss Of Income For millions of families across the country, times are tight. An unexpected…
Donating Life Insurance
You know that life insurance can protect your loved ones, but did you know it can also be donated to a charity or organization of your choice? Read more about donating life insurance. Taking out a life insurance policy is an excellent way of ensuring that family or loved ones do not fall into financial despair after your passing. However, what happens if they don’t need it? What if in the time since purchasing the policy, your heirs have become financially sound? In some instances, a big payout might even lead to unnecessary tension between surviving family. These are just a few of the reasons why you might consider donating life insurance to charity. Donating your life insurance to a favored charity is a great way …