As individuals age, many factors such as changing needs, rising premiums, medical expenses, financial troubles, divorce, cash need, and changing costs of insurance may drive them to seek other insurance options or abandon their existing insurance policies altogether. Often, individuals feel that their only options are to let the policy lapse or surrender it, but there are several options available that may be more attractive. Section 1035 exchanges to annuities or long-term care policies will allow the policyholder to access the cash value for lifetime income or use the cash value to fund a long-term care policy. Life settlements may provide a benefit that is significantly greater than simply surrendering a policy and often provide a profitable exit strategy that addresses the policyholder's goals and objectives. It is important for policyholders to understand the options available to them if they no longer need or want their insurance policies before making an impulsive decision that could let years of premium payments go to waste. [ABSTRACT FROM AUTHOR]