Much larger. By selling their policies on the secondary market – as opposed to letting them surrender or lapse – policyowners can realize four- to five-times cash surrender value for unwanted or unneeded insurance.
The fact is that nearly nine out of 10 universal life policies never mature in a claim. And while the right of consumers to sell unwanted insurance to another party was affirmed by the courts nearly 100 years ago, policyowners have traditionally had only one potential buyer – the life insurer who originally issued the policy.
Until now.
The advent of a secondary market has created a free market for life insurance where policyowners can consider competing offers for their unwanted or unneeded policies. As a result, consumers now have the power to capture the value contained in their life insurance policies and to put that value to the best possible use.
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