Term Insurance Policy Cash Settlements
|
Term insurance is a form of non permanent insurance where the insured takes out a policy for a set number of years. The length of time can be 10 years, 20, 30 or other. Convertible term policies can be sold for an early cash settlement, providing the age of the insured and the face amount of the policy are attractive enough for a potential buyer to offer a life option cash offer for selling the term life.
10 Year Policies
Set term or temporary insurance that is in effect for 10 years is known as 10 year term insurance. This is normally the longest policy contract within the different term plans. Premiums on term life insurance are lower than whole life policies mainly because ten year term (or any length) is temporary insurance. Many people will use these contract plans in addition to straight life policies - which may or may not have cash value attached.
20 Year
Set term or temporary insurance that is in effect for 20 years is known as 20 year term insurance. This is normally the longest policy contract within the different term plans. Premiums on term life insurance are lower than whole life policies mainly because 20 term (or any length) is temporary insurance. Many people will use these contract plans in addition to straight life policies - which may or may not have cash value attached.
30 Year
Set term or temporary insurance that is in effect for 30 years is known as 30 year term insurance. This is normally the longest policy contract within the different term plans. Premiums on term life insurance are lower than whole life policies mainly because 30 year term (or any length) is temporary insurance. Many people will use these contract plans in addition to straight life policies - which may or may not have cash value attached.
Contact us if you have a contract plan or policy where there is a face value over $250,000 and you are over the age of 55. There maybe a very attractive cash offer for the policy.
|
|