Selling Life Insurance
Find out the details of how selling your life insurance works, who should consider it, and what the advantages are to sell your life insurance policy for a cash payout.
The Whens, Whys, and Hows of Selling Your Life Insurance
Selling a life insurance policy might be the solution you need for a variety of life situations. You may have heard of friends doing this and become curious about how it works and the ways that it could benefit you. Understanding how the process works and why and when to consider it could help you to feel confident with your plan of action.
How Selling the Insurance Policy Works
Selling the insurance policy you have on your life is called “settling.” The settlement process requires the completion of some paperwork and a verification of the status and amount of your policy. After the verification process, we provide you with a cash offer based on the value of your policy. You can choose a complete settlement or a partial settlement. A complete settlement is when you sell the entire value of your policy, and a partial settlement is when you retain some of the policy’s value as a life insurance policy and sell the remainder for a cash payout.
Why You Might Consider Selling Your Insurance Policy
There are many sound reasons to consider settling your life insurance policy. One common reason is that the premium has gone up in price. Many insurance policies have a premium that increases with age. If you can’t afford the premium, your coverage could lapse. Selling the policy solves the cash flow issue and eliminates the risk of losing your coverage. Another reason is that you no longer have dependents who need the policy’s payout. If you’ve saved enough for retirement, you might not need the policy any longer.
When to Sell Your Life Insurance Policy
When you are facing an urgent cash flow issue or emergency, this may be the time to sell your policy. You might also consider settling your life insurance policy when you take a quarterly or annual look at your finances and see that you no longer need the coverage that it provides. Now that you know about the process of how to sell your life insurance policy, you can make an informed decision about improving your financial future and quality of life during your golden years.