I have Diabetes type 2 and take insulin. I have high blood pressure and take meds.

  1. 1313 POINTS
    Lenny RobbinsPRO
    Principal, LifeNet Insurance Solutions, Redmond, WA
    There is good news and bad news here. You are too healthy to interest a buyer for your policy. However, check your policy and see when the last date you have to convert into a permanent policy. Most policies give you until age 70 or 75. If your health deteriorates, you may then be a candidate for selling your interest.
    Answered on March 29, 2017
  2. 21750 POINTS
    Jim WinklerPRO
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question with a not so great answer...I know that you have enjoyed the smaller premiums with your term policy, knowing how much more the whole life premiums were, but there was always a catch to getting something cheaper. In this case, it is that your policy will have no cash value or worth once the term has expired. You may have the option to renew it, at a much higher cost, one that will continue to become more expensive each year, or as Mr. Robbins said, there may be an option to convert your policy to a paid up whole life policy, but your face value will be dramatically smaller. My suggestion is to contact your agent, and have them explain to you what your policy will allow you to do.
    I got into the insurance business in part because I felt taken advantage of by an agent who sold me a policy without explaining anything other than "it was cheaper, and would cover me as well as the expensive one", and I sincerely hope that was not a case similar to yours. Contact your agent, have them explain, and then go from there. The bright side is that you are still young, and there are a ton of options out there for you. Thank you for asking, and I pray you find a solution that works well for you!
    Answered on March 31, 2017
  3. 10968 POINTS
    Tim WilhoitPRO
    Owner, Your Friend 4 Life, Brentwood TN
    Unfortunately, a term life insurance policy has no value unless you die and then it will be worth $250,000 to your beneficiary. Tax free I might add. Think of term life insurance as renting versus a universal life or whole life insurance policy which is owning and has cash value.
    There is no value when "renting" term life insurance, but the premiums cost a fraction of the premiums of a cash value plan such as whole life or universal life.
    Sorry for the bad news.
    Answered on March 31, 2017
  4. 1976 POINTS
    Ronald HinchPRO
    Regional Marketing Director, Capital Choice Financial Group,
    As long as you have paid your premiums and your policy has not reached the end of the term then it is worth $250,000. At the end of the term you have some options. With most term policies you can continue the term on an annual renewable basis, reduce the face amount and continue with another level term depending on age, or you can convert the policy to a another level period, usually 5 to 10 years. Good news is that, after assessment of your financial condition, you may not need any insurance at all. If you have money saved, debt paid, mortgage paid, and you are retiring comfortably then your need for a life insurance policy is zero!
    Answered on April 8, 2017
  5. 375 POINTS
    Matthew Schmidt
    Diabetes Life Insurance Solutions, USA
    Only you, the policy holder would know the answer.

    What kind of policy do you have? Is it a Term policy that may be expiring soon? Does it have any type of guaranteed convertibility features?

    Maybe it's a permanent policy. If so, you have nothing to worry about.
    Answered on June 27, 2017
  6. 63333 POINTS
    Peggy Mace, Certified Senior Advisor (CSA)®PRO
    CEO, Outlook Life, Inc, Most of the U.S.
    Term life insurance does not have cash value, so your policy has no monetary value while you are still alive. If you would pass away while still making payments on the policy, it would pay $250,000 to your beneficiary.

    When people buy Term life insurance, they are usually trying to save money, and the assumption is that the savings will be saved or invested so that eventually, they can self insure and no longer need life insurance. Or they plan to convert their Term insurance to Permanent insurance later on, at a time when they may not need as much coverage, or have more income to pay the higher premium of Permanent insurance.
    Answered on June 25, 2019
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