<VV> Insurance Input -- NO CORVAIR

[Steven J. Serenska]

Grant:

Doc's advice was spot on.

In general, if someone is stepping between you and the insurance carrier 
to purchase the value of your policy, this will result in less money 
flowing to you.  The purchaser will always need to make a profit (small 
or large) on the transaction ... and this will be at your expense, not 
the carrier's.

Please let us know here, or me offline, what kind of insurance policy 
you've got.  Is it Whole Life?  Universal Life?  Something else?  I'm 
assuming, because you say "it is time to renew" that it is not an 
annuity but please let us know regardless.

If it's almost any kind of cash-value policy (e.g., whole life) your 
carrier will have some sort of provision to allow you to gain access to 
the cash directly.  Again, don't go through a middle man, you'll just 
get less.

Finally, if these people approaching you are viatical settlement 
companies or brokers, be aware that these arrangements only work when 
the policyholder has some dread disease (e.g., pancreatic cancer) where 
the likelihood is good that the policyholder will be dying in the short 
term, i.e., collecting on a term-life policy. Again, let us know what 
kind of policy you have and perhaps the comments can get a bit more focused.

I'm replying here on VV, btw, even though this is way off topic, in case 
it benefits others.

Steven "by 'others', I mean 'other old farts' which we pretty much all 
are" Serenska
Bristol, RI

1965 Monza Convertible, 110/4
1966 Corsa Coupe, 140/4