You have probably seen TV commercials recently where:
- A retired couple decides to drop their life insurance policy in order to create some extra cash
- An ex-quarterback talks about health insurance to supplement basic Medicare;
- A recognizable actor touts the advantages of tax-free cash through a reverse mortgage
Evaluating the products and the companies offering is absolutely critical before you make any decision.
However, the real challenge for you may be whether or not you can find income elsewhere to:
- Pay the life insurance premiums instead of dropping the policy
- Pay the higher healthcare premiums for the more generous Medicare Supplement plan
- Purchase longevity insurance to complement the reverse mortgage drawdowns.