What Is An Old Life Insurance Policy Worth?
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3 responses to “What Is An Old Life Insurance Policy Worth?”
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To determine what an old life insurance policy is worth, you need to determine if the policy is still in effect. If it was a term policy and no one is paying any premiums on it, the policy will have lapsed and not have any value. If it is a permanent policy, you can call the insurance company to determine if the policy is in effect and ask what you would get if you cashed the policy in.
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If you have your last annual statement review the surrender and/or cash value account and death benefit. If you don’t have a statement, contact the company’s costumer service for an in force ledger. Depending upon the type of cash value life insurance you have and how old it is, it may contain higher credited interest rates. That could be a reason to keep it. And depending upon how old you are, you may receive more money from the life settlement than the cash surrender value.
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An old life insurance policy is worth the stated cash surrender value or the death benefit of the policy if the insured dies. Value is somewhat dependent on what specifically you are looking at.
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