This may be their spouse, who will use the funds as a means of support for the remainder of their own life, or, in the case of younger individuals the beneficiaries are often dependent children who will need funding for their education and support before reaching adulthood.
These kinds of policies are an especially good hedge against the accidental death of a family0s primary provider. It is not uncommon for a husband to have a policy with his wife as a beneficiary and for the wife, in turn, to have coverage naming the husband to receive her policy0s value. However, as people age, they often find fewer reasons to maintain such coverage, which can, over the life of the policy, become a financial burden. Given that fact, there are actually times when it makes more sense to sell your life insurance policy and to benefit immediately from the cash reward. For instance:
0 Your intended beneficiary precedes you in death and there is no one else you want to name or feel you have a responsibility to name.
0 The premiums become more than you can afford after retirement when most people find themselves living on a fixed income.
0 You need access to the funds to […]

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