Term life for 25 years now it’s being raised,do I get any of the money I’ve paid in?
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Asked April 11, 2017
You will get the money you have paid in so far. There are 5 ways to salvage at least part of the money you have already paid in.
The first thing you can do is replace your existing policy with a newer, cheaper one. Find a replacement quote that works for you and switch over. You may be able to convert your current policy. There are times when you can convert your term policy to a full policy. There are ways to do this, especially for those whose health is not that great. The best part is you do not have to show evidence of your health.
Another option is to pay the renewal premiums. This may cost you more, but it means keeping the money you paid in. You can try to decrease your death beneficiaries. This is a way to keep the money you have already paid in. You can try to sell your policy after you convert it. This will definitely allow you to keep the money you have paid in. This is called a Life Settlement. This works out well for those whose health is not as good as it used to be.
You can try a health reclassification". Some companies will offer this option and others will not. This option is valuable to those who have seen improvements in their health. Your company will allow you to do this one time. Make sure you pick the right time to do it.
A final option is to speak with your insurance company personally. Ask them what you can do to keep the money you have already paid. They usually offer a few options to their customers. Do this before your policy officially lapses. Once it does lapse, most companies are not obligated to pay you the money. They view it as "your loss".""
Answered April 11, 2017 by GWGLife