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Ask Rescue Capital: The unwanted life insurance policy

Dear Rescue Capital,

I have a life insurance policy that I no longer need. I am looking to cash out and use the money to fund my retirement. What are my options?

Sincerely,
Annalisa in Chicago

Dear Annalisa,

Since you are looking to obtain funds, you have two options. One is to surrender the policy for the cash value to the life insurance company. The second is to sell your policy on the secondary market. This type of transaction is called a life settlement and typically yields significantly more than the surrender value. If you are interested in discussing your options, please call us at 866.688.3532.

Best Regards,
Rescue Capital