Since 2001, over a billion dollars in excess of the cash surrender value has been paid to senior citizens who choose to sell, rather than lapse or surrender their life insurance policy.
Should you stop paying the premiums at any time, cover will stop, and there is no surrender value. This is unless you pay extra on your premiums to have a waiver of premium so you can get a break from premiums should you lose your job.
The additional cash value can also fulfill a need for unplanned long term care which is not completely covered by Medicare. That approach features long-term care benefits, which are independent of the underlying life insurance policy, with long-term care insurance benefits having no effect on future cash values or death benefits payable under the base life policy. Proponents of this second structure argued that seniors’ life insurance needs did not necessarily decrease with the need for long-term care services, particularly as the life coverage was often intended to address estate planning needs.
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