Life insurance is a valuable estate and business planning tool.

When circumstances change, a policy-owner may not be able to, want to, or afford to maintain a life insurance policy. Until recently, a policy owner could only go to the insurance company that issued the policy and either cancel the coverage, surrender the coverage for the cash value of the policy, or apply for some other non-forfeiture benefit. Over the past several years, institutional life settlement companies have emerged and now give policy owners an attractive alternative to canceling a policy, reducing the policy, or surrendering the policy for its predetermined cash surrender value.