With the knowledge that as many as 9/10 permanent life insurance policies never end up with the death benefit being paid, in retirement every person should re-evaluate their insurance needs. Aside from canceling the life insurance policy to save on premium expenses there are additional options available from companies like Sable Life who offer a Life Insurance Policy Exchange option as a reasonable alternative. Policy owners can exchange their life insurance for a cash lump sum, a retained benefit or convert the value of their policies into an annuity providing lifetime additional income.