Sell My Life Insurance Policy
Find out how selling your life insurance policy could improve your monthly flow of cash, help you cover key expenses and improve your quality of life.
Three Reasons to Consider Selling Your Life Insurance Policy Today
Many people purchase a personal life insurance policy in order to provide peace of mind to their spouses, children or other family members in the case of an untimely passing. This is generally excellent advice, but there may come a time when paying for the monthly or annual premiums for the life insurance policy no longer makes good financial sense. If you’ve ever wondered “How can I sell my life insurance policy,” consider these reasons that may help you decide.
Improve Your Monthly Cash Flow
When you have a life insurance policy, it comes with monthly or annual premiums. If your other costs of living have gone up, you might not have the money to cover the cost of life insurance. Unaffordable premiums provide a good reason to sell if you are asking yourself “Should I sell my life insurance policy?” Improving your monthly cash flow could lower your stress and prevent you from having to choose between necessities such as your heating bill or medication and the life insurance premium.
You No Longer Have Dependents or Heirs
Perhaps you purchased the life insurance policy several decades ago when you had dependents such as a spouse or one or more children. If your spouse has passed away and your children are grown and financially secure, it may not make financial sense to continue paying for a life insurance policy. Cashing out the policy could allow you to do something else with the money, such as take a vacation or make some home improvements.
You Have a Sudden, Unexpected Expense
Another good reason to sell your life insurance policy is if you have a sudden and unexpected expense that would cause you to go into debt. For example, if your car’s transmission went out or a pipe burst while you were away from home for a few days, you may have some pricey bills to pay in order to get things fixed. Selling the life insurance policy would give you the cash to pay those bills. When one of these situations applies to you, it could be a good time to sell your life insurance policy for cash.