Your life expectancy or LE is just one of the factors to consider when purchasing your life insurance policy. Some of the other factors include if you purchased your life insurance to cover a particular need such as to cover your mortgage, children’s education or estate taxes. Many things will change throughout your lifetime, which means you really should review your life insurance policy to see if it still fits your needs based on your current situation. You should also review your policy to see if it is still performing the way you thought it would based on today’s economic environment.
Your life expectancy is also a major factor to consider if you want to cash in your life insurance policy. If you are considering surrendering your life insurance policy you may have the option of selling your policy in a life settlement. A LE calculation can help determine if a life settlement may provide a much greater payout than surrendering your policy back to the insurance company. As your life expectancy decreases your life insurance policy may become an appreciating asset.
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