Sell My Life Insurance Policy for Cash
Learn about three times in which selling your life insurance policy could improve your quality of life and lower your level of stress during retirement.
Three Times It Makes Sense to Sell Your Life Insurance
The process of how to sell my life insurance policy for cash and getting cash for it is called settling. Knowing how the process works and when selling your policy is a good idea could help you to make an informed decision about your future. Consider these three times that it makes sense to sell a life insurance policy for cash.
Your Retirement Is Fully Funded
Perhaps you have realized that you love what you do for a living, and you plan to just do a semi-retirement. Maybe you have worked hard for a long time, saving plenty of money for your golden years. When your retirement is fully funded, you might not need the life insurance policy for your spouse to live on after your passing. This could be true if your spouse’s retirement is also fully funded and if you have no outstanding debts.
Your Dependents Do Not Need the Money
Many people buy a life insurance policy so they can have the peace of mind that comes from knowing that their children and spouse can stay in the family home, keep food on the table and the lights on in case they were to pass away prematurely. If your dependents are now grown and on stable financial footing, they might not need the money from your life insurance policy. By selling it, you could take that dream vacation or contribute to a grandchild’s college fund.
The Premiums Are Too Expensive
Some life insurance policies have premiums that increase with age. If this is the case with your policy, it might be too expensive to continue paying the monthly or annual life insurance premiums. If your other costs of living have also increased, the life insurance premiums may be squeezing your budget. Selling the policy prevents a coverage lapse and puts the cash in your wallet. By freeing up the amount of money that you would have otherwise been paying for the life insurance premiums, you could feel less stress about taking care of your other essential expenses each month.
With this information, you can have confidence in your decision to sell your life insurance policy for cash upfront.