You can no longer support the premium commitment on your whole life / endowment policy. Is there an alternative to surrendering the policy to the life insurance company? Answer is Yes.
Trivia moment: Did you know that the owner, insured, payor and beneficiary of a life insurance policy can be 4 different persons?
A grandfather so loves his grandchild that he is the payor, his daughter who is a stay-at-home mum is the owner, his son-in-law is the insured and the grandchild is the beneficiary.
That is the power of life insurance.
But immediate concerns of putting food on the table trumps over contingent needs of income replacement. There is cash value in the policy and surrendering the policy has been well considered in the given circumstances.
Firms like Purvis Capital, can take over your policy for an amount slightly more than the immediate surrender value of the policy. Terms and conditions apply naturally, as not all policies will be considered. Verifications are needed too, as a transfer of ownership of the policy via reassignment is involved.
If you’d like me to help facilitate the process, reach out to me.