Selling Life Insurance Policy
Learning about how to sell my life insurance policy helped my current financial situation and lowered any stress that I had about my financial future.
How Selling Your Life Insurance Policy Could Help You Today
Many years ago, you listened to a financial advisor or trusted friend and purchased a life insurance policy. Perhaps you had a mortgage at the time or you had dependents who needed your income in order to live comfortably. If your circumstances have now changed, you might not need that life insurance policy any longer. Keep these considerations in mind about how selling the policy could benefit you now and into the future with a single life settlement option.
Optimize Your Monthly Cash Flow
Many life insurance policies have premiums that rise as you get older. If this has happened to you, there may be a point at which you can no longer afford the expense. Missing a payment could cause a coverage lapse or a loss of your coverage. Instead of letting your coverage lapse, you could sell the policy. You would be rid of the monthly premiums and get an influx of cash from the policy’s value with a fixed amount settlement option .
Use the Money to Stay Out of Debt
Perhaps you did not save quite enough money for retirement. Maybe some of your investments didn’t grow as much as expected. Instead of dipping into your savings to pay for a new roof, plumbing emergency, or replacement car, selling your insurance policy could allow you to stay out of debt. You wouldn’t have to worry about borrowing money for repairs or having to sell your home.
Put the Settlement Toward Your Bucket List
You may have spent many of your working years and retirement years living austerely. Now could be the time to make and fulfill a “bucket list.” This is the list of things that you have always wanted to do, but something else always got in the way or you didn’t have the money to do it at the time. Selling your insurance policy could give you the influx of cash to take that trip to Hawaii, tour an Italian vineyard, or take your entire extended family on a vacation and make beautiful memories together. Your life insurance policy is just like any other asset, and selling it now could provide you with a more secure financial future during your retirement years.