We often have clients who no longer feel they need an old life insurance policy or simply don't want to pay the premium anymore. Unfortunately, they just let the policy lapse and receive little to nothing back, when there is another alternative...
If the original reason for insurance stops, there may still be some value to the policy.
The primary benefits can't be paid out, if there is confusion on the beneficiary.
Life insurance policies pay out immediately upon death and can help the family through difficult times. However, it is important to make sure that you do not mislead the insurance company.
Some people are concerned with passing away and then being forgotten.