Old Life Insurance Policies

Some May Still Have Real Value

Years ago an old aunt came to me and told me that she had a couple of old life insurance policies that she had not paid premiums on for more than 10 years.

She thought the policies must have lapsed. I took her into an agency office of the company and met with an agent.

After a few telephone calls he came back with the verdict. Not only were both these old policies still in force, but they had cash values in excess of $3,000 They were whole life policies.

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Old Life Insurance Policy Values

Do not throw away any life insurance policy until you check with the life insurance company.

• Reduced Paid Up Insurance
  
  Most permanent life policies have cash values which can be used to purchase a reduced paid up policy of the same type when premium payment ceases. These cash values in turn constantly accumulate dividends as the insurance company earns them. Dividends are not guaranteed.
• Cash Values And Loan Values Of Old Life Insurance Policies
  
  At some time in the future you might need to put your hands on some immediate cash. Go to that old life policy and check out its value even if you have not paid a premium on it in a while. You can take a loan from the cash value of the policy or you can surrender the policy for its entire cash value.
  
  You would be surprised at the sizable amount of cash that some of these life insurance policies can accumulate over time.
• Lapsed Policy Can Be Reinstated
  
  Some of these old policies still have value. Some life insurance companies allow a policy owner to reinstate a whole life policy within five years of the date it lapsed. The policy owner would have to prove insure-ability, and pay the back premiums plus interest.
  
  It may be wise to reinstate the policy because the insured would continue paying the premium dated back to the original rate. That is the rate at which the policy was purchased originally which would be much lower than it would be had he purchased a new policy.
  
  I must repeat, do not throw away old life insurance policies until you check with the insurance company, as you may be throwing away money.

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