Closing Life Insurance
Photo by Kampus Production on

4 Things to think about before closing life insurance policy

Life insurance ownership has been declining over the last decade as owners are closing life insurance policies. Based on LIMRA research in January of 2022, only 50% of consumers owned life insurance.

That percentage was down from 59% in 2012. Life insurance owners may be tempted to ditch their current policy if they feel it’s too costly or no longer needed. 

Study Zone Spelling Stories (10 books)

Fortunately, there are alternatives to closing life insurance policy, such as getting life insurance with no medical exam, that can make it possible for shoppers to continue having a policy. Here are four questions life insurance owners should ask before closing life insurance.

4 Questions to ask before closing life insurance policy

1. Would the policyholder’s life insurance policy give their beneficiaries the support they need?

A policyholder getting rid of their life insurance policy would mean their beneficiaries may lose the support they need if the policyholder were to pass away. In particular, if the policyholder is the primary wage earner, with the loss of their income, the family would struggle to pay daily living expenses such as gas and groceries.

One survey found that families would start struggling within six months of the primary wage earner’s death. Therefore, a life insurance owner should consider carefully if their family would still need their policy’s death benefit if they were to pass away.

Improve Spelling and Reading Skills (10 books)

  • B0BNM4F325.01. SCLZZZZZZZ SX500

These fun books of words with rimes that contain digraphs, trigraphs and 4-letter graphemes in many stories are useful for story time, spelling improvement classes, poetry sessions, improving phonological and phonemic awareness, and reading intervention programmes.
These spelling books come in both e-book and paperback formats for your pleasure. They make up a series of fun books that are having a spelling party on the inside.
The 2022 editions are AI StoriesEA StoriesEE StoriesEI StoriesEY StoriesIE StoriesOA StoriesOO StoriesOU Stories and OW Stories. They are all having their own fun with words.

2. Is there a more affordable coverage option?

Given constantly changing financial circumstances, some life insurance owners may wonder if their policy is too expensive to continue owning. Instead of closing life insurance policy, owners can look around to see if there’s a more affordable option.

Some providers will allow a policyholder to convert their current policy into a different type. For example, a life insurance owner might decide a whole life policy is no longer affordable for them and choose to convert the policy to a cheaper term life policy.

Liberty Mutual Insurance

3. Is the policyholder’s family at risk of losing their house or car?

Some life insurance owners choose to get a life insurance policy to cover a debt, such as a car loan or mortgage. Life insurance owners may feel they’ve paid off enough of the debt to no longer need a policy. Instead of closing life insurance policy, an alternative that could be considered is reducing the coverage amount. For example, let’s say an individual is currently 20 years into a 30-year mortgage.

A policyholder could reduce their coverage amount to the amount left that needs to be paid off. Reducing the coverage amount also reduces the cost of the coverage, making it more affordable.

4. Will the policyholder’s final expenses be taken care of?

Some policyholders may be at the point where their children are financially independent, and all of their debts are paid off. While life insurance may no longer be needed to cover these expenses, it might be needed to cover final expenses.

Without a policy, funeral costs can burden surviving family members financially. If a policyholder’s current policy is no longer needed, they could consider converting it to a final expense insurance policy. One advantage to this policy is that it generally requires no medical exam.

Final expense insurance can help cover funeral and end-of-life costs and allow a family to keep their focus on grieving. Carefully considering these questions can help life insurance owners make a better decision on what to do with their policy.

Car Insurance | Get a Free Online Auto Quote | Liberty Mutual

Bottom line

Answering the questions in this article is the first step to ensuring that you get an insurance policy that fits your needs. Of course, after really thinking about life insurance and how it can help your family, you probably have some questions of your own. With the rest of the questions, Fidelity Life can help guide you through the process. 

Fidelity Life offers no medical life insurance. Life insurance shoppers can discuss their options with an agent or shop for online life insurance quotes. The process is quick and easy and starts with answering a few questions to get matched with a policy that suits their needs. Fidelity Life will then guide the applicant through the application and purchasing process.

Contact Information:
Laura Zimmerman
Chief Marketing Officer
(312) 288-0068

This content was issued through the press release distribution service at

Globe Newswire, Chicago

Every month in 2024 we will be giving away one PlayStation 5. To qualify join our Facebook group, TikTok and Subscribe to our Sweet TnT Magazine YouTube channel

When you buy something through our retail links, we may earn commission and the retailer may receive certain auditable data for accounting purposes.


You may also like:

Why millennials should get life insurance

How is life insurance for young and single people beneficial

Term life insurance buyer’s guide

Fidelity Life: 4 living benefits of life insurance

Life insurance: How much coverage do you need?

Why do I really need insurance?

Retirement plans: Why millennials need investment guidance

Huawei Mate 50 Pro



  • 8GB 256GB – TT$7,470.69/US$1,049.99
  • 8GB 512GB – TT$8,625.26/US$1,259.99

Shipping: TTD 614.30

From China to Trinidad and Tobago via DHL

Estimated delivery: 10-23 days


ModelHuawei Mate 50 ProHuawei Mate 50 Pro
StatueComing soon. Exp. release 2022, September 28
SIMDual SIM (Nano-SIM, dual stand-by)
CPUSnapdragon 8+ 4G Gen 1
CPU ProcessorOcta-core
OS SystemHarmonyOS 3.0
ROM256GB / 512GB
External MemoryNO
SensorFace ID, fingerprint (under display, optical), accelerometer, gyro, proximity, barometer, compass, color spectrum
Support LanguageArabic, Dutch, Czech, Danish, English, French, Greek, German, Hindi, Hungarian, Hebrew, Indonesian, Italian, Japanese, Malay, Norwegian, Persian, Portuguese, Polish, Russian, Romanian, Swedish, Spanish, Turkish, Thai, UKrainian, Vietnamese, Simple Chinese, Traditional Chinese, Slovenian etc…
BandPrimary SIM card:
LTE FDD:B1/B2/B3/B4/B5/B7/B8/B12/B17/B18/B19/B20/B26/B28TD-LTE:B34/B38/B39/B40/B41WCDMA:B1/B2/B4/B5/B6/B8/B19CDMA:BC0(800MHz);GSM:B2/B3/B5/B8(1900/1800/850/900 MHz)

Secondary SIM card:
LTE FDD:B1/B2/B3/B4/B5/B7/B8/B12/B17/B18/B19/B20/B26/B28TD-LTE:B34/B38/B39/B40/B41WCDMA:B1/B2/B4/B5/B6/B8/B19CDMA:BC0(800MHz);GSM:B2/B3/B5/B8(1900/1800/850/900 MHz)
WIFIWi-Fi 802.11 a/b/g/n/ac/6, dual-band, Wi-Fi Direct, hotspot
GPSYes, with A-GPS. Up to tri-band: GLONASS (3), BDS (3), GALILEO (2), QZSS (2), NavIC
Bluetooth5.2, A2DP, LE
Screen Size6.74 inch
Screen TypeOLED, 1B colors, 120Hz  / Huawei Kunlun Glass
Resolution1212*2616 pixels
Camera Quantity5
Front Camera13MP(Dual)
Back Camera50.0MP + 64.0MP + 13.0MP
PortsUSB Type-C 3.1, USB On-The-Go, Display Port 1.2
Battery TypesUndetachable, Li-polymer Battery
Battery Capacity4700mAh
Dimensions & Weight
Size162.1 x 75.5 x 8.5 mm
Package Include
Package Contents1 x Huawei Mate 50 Pro1 x SuperCharge Charger1 x USB Type-C data cable1 x Protect Case1 x Quick Guide1 x Eject Pin1 x Warranty Card

About Sweet TnT

Our global audience visits daily for the positive content about almost any topic. We at Culturama Publishing Company publish useful and entertaining articles, photos and videos in the categories Lifestyle, Places, Food, Health, Education, Tech, Finance, Local Writings and Books. Our content comes from writers in-house and readers all over the world who share experiences, recipes, tips and tricks on home remedies for health, tech, finance and education. We feature new talent and businesses in Trinidad and Tobago in all areas including food, photography, videography, music, art, literature and crafts. Submissions and press releases are welcomed. Send to Contact us about marketing Send us an email at to discuss marketing and advertising needs with Sweet TnT Magazine. Request our media kit to choose the package that suits you.

Check Also

Money problems

Money problems don’t have to weigh you down: Strategies for financial freedom

Money problems. It’s a phrase that can send a shiver down anyone’s spine, conjuring images …

Medical business

Unlocking success: How to grow your medical business with AI

In today’s rapidly evolving healthcare landscape, leveraging AI technology has become a crucial factor in …

Leave a Reply

Discover more from Sweet TnT Magazine

Subscribe now to keep reading and get access to the full archive.

Continue reading