What are my options if I do not need my life insurance any more?
ANSWER:
There are several options depending upon your age and state of health. If you are under age 65 and are in good health you can cash in your whole life, variable life and universal life policies if you no longer need the coverage. If the policies are term you can cancel the policies. If you are over age 65 and have some health conditions you should see if a senior settlement option would work for you. This is where a company would run a life expectancy analysis and offer you some percentage of the death benefit in return for them taking over the ownership of your life insurance policy.
You can usually get a substantial amount of cash over and above the cash value of your life insurance policy. This can also work for term life insurance also. You should look at all of your options prior to surrendering any life insurance policy.
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Health Savings Accounts
You can use this account to pay for your qualified health expenses, including expenses that the plan ordinarily doesn’t cover, such as eyeglasses and hearing aids.
Expenses paid out of the HSA that are eligible expenses under your high-deductible health plan will count toward the plan’s deductible.
