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George is facing a life-threatening illness.
He has not been able to focus on work and is having a lot of anxiety in meeting his financial obligations. Because of the “unexpected” costs related to his care, the premiums on his life insurance policy have become very difficult to afford. He desperately needs a financial relief so that he can focus on feeling better and enjoy some quality time with his family.
Like many other thousands of individuals in the United States with life threatening illnesses, George is considering letting his life insurance lapse because he cannot afford the premiums.
George is unaware of his options and the hidden asset value in his current life insurance policy.
Are there more attractive alternatives than to lapse or surrender a policy for George? Very likely. What steps should he take next?