No longer need policies
Posted in Life Insurance Questions over 2 years ago, 2 replies
I no longer have the needs for insurance (spouse, children and grand children well cared for)
I would like to maintain some amount of insurance for purely for funeral expenses but otherwise would like to stop paying the premiums.
Should I cash in the CSV, buy a small, single premium life policy and cancel the policies?
Possible "sell the policies" - my agent proposed such but he wanted to buy them and I am concerned that he is conflicted?
Convert the policies to "paid up" policies?
submitted by Gartrell in Atlanta, Ga
I would talk with someone who has estate planning experience. If you no longer need to policies, you may gift them to a charity or church.
You would get a tax break for that, and something you cared about would be well provided for.
Or, you can just surrender the policy...be careful doing this however, it may bump you up a tax bracket.
All in all, talk to someone who knows estate planning.