Every year, over $100 billion worth of life insurance is lapsed or surrendered by seniors who no longer need or can afford their policies. That’s more than 10 million life insurance policies many of which could have been sold through a life settlement for significantly more than their surrender value.
If you’re considering cancelling or letting your life insurance policy lapse, there’s a better way: a life settlement could turn it into real cash, helping you fund retirement, pay for care, or support your family.
Sources: Life Insurance Settlement Association (LISA). Consumer Awareness Report, 2022.
Conning Research & Consulting. Life Settlements: Secondary Market Evolution, 2022.
Why Do So Many Life Insurance Policies Lapse?
Life insurance policies often lapse because:
- Premiums become unaffordable in retirement
- Coverage is no longer needed due to lifestyle or estate changes
- Families are unaware that a policy may have market value
- Advisors or policyholders aren’t informed about life settlement options
Unfortunately, when a policy lapses, all the years of premiums paid are lost—and the policyholder may walk away with little to nothing.
What Is a Life Settlement?
A life settlement is the sale of an existing life insurance policy to a licensed provider in exchange for a lump-sum cash payment. The funder takes over premium payments and becomes the new beneficiary. Policyholders could receive far more than the surrender value, and the funds can be used however they wish.
Policy types that may qualify:
- Universal Life
- Whole Life
- Guaranteed Life
- Variable Life
- Term Life
- Survivorship Policies
Ideal candidates are typically:
- Age 65+
- With a policy valued at $100,000 or more
- Facing health issues, rising premiums, reduced income, or changing financial needs
Don’t Let Your Policy Lapse—Explore Cashing Out With A Life Settlement
If your policy is close to lapsing or being surrendered, now is the time to explore your options. A life settlement can help you:
- Avoid wasting your policy’s value
- Eliminate ongoing premiums
- Access cash for retirement, care, or gifting
- Take control of your finances in a time of transition
Even if you’re unsure whether your policy qualifies, a free policy appraisal from LifeRoc can help you learn if your policy qualifies and what it may be worth.
Why Work With LifeRoc
LifeRoc is a trusted leading life settlement provider with:
- Over $20 billion in settled policy face value
- The large leading network of funders
- No thrid party broker commissions—100% of the offer goes to you
- Fast, simple process with expert guidance every step of the way
Get a Free Policy Appraisal Before You Cancel or Let It Lapse
Before you lapse or cancel your life insurance policy for little to no value, call LifeRoc. You may be able to turn it into a significant financial resource with zero pressure and no obligation.
Contact us today for a free, fast policy appraisal and find out what your policy could really be worth.
Contact us today to learn more about your options. Fill out the form below or give us a call at (833)678-7355 — our team is here to help you every step of the way.
Have more questions? Visit our Frequently Asked Questions Page
Disclaimer: LifeRoc does not provide legal, tax, medical, or financial advice. The information in this article is for educational purposes only.
Please consult with a legal professional or financial advisor for guidance related to your specific situation.
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