Is an Old Life Insurance Policy Worth Anything?

Yes — old life insurance policies can still carry real value.

If you’ve discovered an old policy in a drawer or you’re unsure what happened to a plan you bought years ago, don’t assume it’s worthless. In many cases, that policy could be:

• Still active with a valid death benefit

• Holding cash value that you can withdraw or borrow

• Convertible into another type of policy

• Eligible for sale through a life settlement

Let’s break it down.

1. Check If the Policy Is Still In Force

If premiums were paid consistently — or if it was a fully paid-up whole life policy — there’s a good chance the policy is still active. Even policies purchased decades ago may still pay out a death benefit.

🔍 Tip: Contact the insurance company (or check with your state’s insurance department) using the policy number or your full name.

2. Whole Life or Universal Life? You May Have Cash Value

Permanent life insurance policies often accumulate cash value over time. That means:

• You could borrow against the policy

• You might be able to withdraw money

• Or surrender it for the full cash value

Even a $10,000 whole life policy from the 1980s may now hold thousands in cash value — especially if dividends were reinvested.

3. Expired Term Policies: Usually No Value, But…

Term life insurance typically ends after a set period — and if it’s expired, it usually has no value. However, if it had a Return of Premium feature, or if you outlived the policy very recently, there could be a refund or conversion option.

4. Sell the Policy (Life Settlement)

If you no longer need the policy, you may be able to sell it for cash. This is known as a life settlement. Older insureds (typically age 65+) with permanent policies can often receive thousands of dollars — more than the surrender value.

Don’t Throw Away Potential Money

Old life insurance policies are almost never worthless by default. Always review them, check for:

✅ Active status
✅ Cash value
✅ Conversion options
✅ Settlement eligibility

✅ Want to Know the Value of Your Old Policy?

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