This is an informational website to educate policyholders, agents, financial planners and investors about the Fair Market Value of individual life policies, especially for Term to 100 policies which have no CSV!
If they are planning to lapse their policies there are several possible alternatives:
Don't lose valuable protection. Some people turn to "viatical" organizations that buy life insurance policies, sometimes for significantly less than the value of the policy. The difference is kept by the viatical organization. This means less for you and your beneficiaries.
Because Compassionate Assistance is offered through your Manulife life insurance policy, you will not need a viatical arrangement. We believe that you should not have to surrender your policy and lose its valuable protection at a time when you are faced with unforeseen medical expenses or loss of employment due to illness. Manulife's Compassionate Assistance can provide the help you need.
Sun Life offers their policyholders a Living Benefits Loan Program, which allows a terminally ill plan member with a life expectancy of 24 months or less the option to take a loan up to 50% of their Basic Life insurance coverage to a maximum of $100,000. To be eligible, the member is not expected to live for more than 24 months and the policyholder (the PSC) must agree to the loan. Upon the death of the plan member, their life insurance coverage will be reduced by the amount of the Living Benefit Loan plus the interest charged from the date of the loan.
Note: This offering is subject to change by Sun Life at any time therefore you must contact the PSC Benefits for up to date information on this benefit as well as the appropriate application forms, before communicating information to an employee.