A common question we hear all the time from families is whether a life policy can be cashed in before death. Well, the short answer is yes. Most policies have value that can be traded for some amount of cash and other policies are actually even designed to pay out before death. There’s many types of permanent life insurance policies out there that mature at a certain date, providing a payout to the beneficiary and also ending coverage. Now, I also want to mention that whole life insurance policies can be designed to gain value over time which could possibly provide policy holders a really great source of tax free cash. It is a really nice bonus. I might add even term policies that have a set number of years before they expire can often be sold to third parties for some portion of the payout benefit that is provided that the policy is still valid. Of course. So if you want to make an informed decision on which kind of policy structure is best for you and your family, be sure to ask your insurance agent to provide you with options.
We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.