Sell Insurance Policy
When you need to lower your living expenses, improve your cash flow, or fund something special in your life, it might be time to sell your insurance policy. We find that many policy holders are asking the question, how do I sell my life insurance?
Now Could Be the Time to Sell Your Insurance Policy
Many people invest in a life insurance policy for the peace of mind that it provides not only to themselves but also to their partners or other dependents. Life circumstances can change in the years after you purchase the policy, and now might be a good time to sell it in part or full and receive cash in hand for the policy’s value. These tips will help you to know if now is the right time to sell your life insurance coverage and perhaps consider a fixed amount settlement option.
Concerns With Rising Premiums
Many life insurance policies have premiums that gradually increase as you get older. If you have one of these plans, you might find that the monthly or yearly premiums are now a lot more than you expected to be paying. If you are faced with the risk of either lapsing and losing your coverage or paying the high premium and not paying for other essential expenses, it might be a wise time to sell the policy. You won’t have to shoulder the high premiums or lose the investment that you’ve already made.
Improve Your Cash Flow
After looking at your monthly expenses versus income, you might see that the two numbers are closer than you would like. Perhaps your monthly expenses are eating away too quickly at your retirement savings. A way to fix that is to sell the life insurance policy thereby removing the monthly premium from your overhead.
You No Longer Need Coverage
Perhaps you’ve saved enough for retirement and funeral expenses. Maybe your child or children are grown and earning a living on their own. In these cases, you might not need life insurance coverage for your dependents. Selling off the policy could give you an influx of cash to do something for yourself, such as taking a cruise or taking your family on a vacation together. Understanding these advantages of settling your life insurance allows you to make an informed decision about whether or not to sell your life insurance policy in its entirety or sell a part of it and maintain a lower level of coverage.