POLICY / SUPPLY EXCHANGE Perhaps you are thinking of cashing in due to changed circumstances – whatever your options are worth exploring. For those with younger families, life insurance is a must. But what if you are older and more worried about retirement income than having life coverage? Those who are fortunate enough to take out an old-fashioned life insurance policy (those who pay an annual bonus) have the flexibility to cash out at any time. How much you will obviously receive depends on the size of your policy and how long you have kept it. The interesting thing to note is that you don't simply have to hand the policy over to your insurance provider. Policy Exchange has been helping people to collect life insurance policies for over 20 years and in addition to offering an alternative to delivery to the life insurance company, Policy Exchange can give you more than the redemption value of your policy. Maybe you're thinking of cashing out due to changed circumstances, whatever the reason your options are worth exploring. Payment is swift through the exchange of policies, with money often in your account within two weeks. POLICY EXCHANGE / SUPPLIED Taking out the policy is a great way to use life insurance while you live. Take the case of Susan and Chris, just retired and with both adult children now living abroad. With a home with no mortgages I'm comfortable, but a little more income would be welcome – a classic example of being "rich in business but low in money". No longer seeing life insurance as necessary, with their independent children, they investigated the conversion of their policy into money. "We intended to give up our policy," says Susan, "but someone suggested trying the policy exchange first. A quick look at the website answered all our questions and we got an online indication of how much we could get. " Chris adds "The use of Policy Exchange was a great move: the whole process was very simple and we got more cash. No downsides!" POLICY EXCHANGE / SUPPLY If you already have a financial advisor, it is worth talking to them to understand what is best for you. It is a captivating prospect, especially when retirees are profiled. Cashing out the policy is a great way to use life insurance while you live. If you have a long standing policy with AMP, National Mutual, AXA, Sovereign or Foundation Life (formerly Tower Life) and receive annual bonuses, go to Policy Exchange Estimate to find out what might be worth to you today. And they are more than happy to provide a free quote without obligation. Whatever the reason for accessing cash from your policy, you have several options through Policy Exchange or the life company. If you already have a financial advisor, it's worth talking to them to find out what's best for you. Regardless of whether you decide to do so, it makes sense to visit Policy Exchange if you are thinking of giving up your life insurance policy.