The older you are, the costlier the new coverage. In some cases, you might be denied.HEALTH
If you have severe health problems, you might be denied new coverage altogether.SURRENDER CHARGES
Cashing in the policy or annuity may trigger penalties.TAXES
If your policy has accrued cash value, you will have to pay taxes if you withdraw it. In addition, you may be hit with a 10% IRS penalty.WITHDRAWALS
With annuities, take advantage of the option that permits annual withdrawals of 10% to 15% without paying a surrender charge.