I am not sure what exactly you mean by this question. There are many answers. I will give a few. Life insurance is meant primarily to provide a death benefit. Depending on the type of policy you may also have some living benefits however. Some policies provide accelerated death benefits for those who are diagnosed with a terminal illness. A Whole Life plan may have cash value you can borrow from if you have an emergency and need money. It also has non-forfeiture provisions that prevent you from losing the insurance completely if you cant pay the premium by utilizing the cash value that is in the policy to keep it in force. There are some companies who buy life insurance policies.
It depends upon what type of life insurance you have. If its term or guaranteed universal life, then you options are limited to coverage or the sale of those polices in the settlement market depending on the date of issue, your age and life expectancy. If you have cash value permanent life insurance, you have the option to access the cash values via policy loans and “maybe” withdrawals tax free.
If you have a term life insurance policy, you have few options. The main thing is to keep paying it, or you will lose it after one month of nonpayment. You can change the beneficiary or owner, if you wish. You could convert it to a permanent policy, if it has a conversion option. If the premium is too high, you may be able to lower the face amount.
If you have permanent life insurance, in addition to continuing to pay it, changing the beneficiary or owner, or opting for a lower face amount, you may be able to do a few other things. You may be able to quit paying on it and have a reduced paid up policy. You may be able to put in a lump sum of money so that the policy will stay in effect with no further payments. You could borrow from the cash value or surrender the policy.
Contact your life insurance agent to see what possibilities exist with your life insurance policy.
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If you have permanent life insurance, in addition to continuing to pay it, changing the beneficiary or owner, or opting for a lower face amount, you may be able to do a few other things. You may be able to quit paying on it and have a reduced paid up policy. You may be able to put in a lump sum of money so that the policy will stay in effect with no further payments. You could borrow from the cash value or surrender the policy.
Contact your life insurance agent to see what possibilities exist with your life insurance policy.