Selling Life Insurance Policy
When you no longer need life insurance coverage or the annual premiums are too expensive, selling your life insurance may be the simple solution you need.
Three Sound Reasons to Consider Selling a Life Insurance Policy
When you have a spouse, children or other dependents who need your income in order to have a comfortable living, it makes sense to purchase a life insurance policy. Once your children are grown, your mortgage is paid off and you’ve saved for retirement, you might not need that protection any longer. Many people are surprised to discover that selling their life insurance policy and getting cash is an option. Consider these three financially sound reasons to sell your life insurance policy for a cash payout.
You No Longer Have Dependents
No longer having dependents who need your income or policy payout is one of the top reasons to sell your life insurance policy. You may have purchased the policy for peace of mind, knowing that your dependents would be financially okay for a while if you died before retirement. When your dependents no longer rely on your income, it is a sound choice to sell the policy and get its cash value.
You Want to Enhance Your Quality of Life
There is nothing wrong with wanting to settle your life insurance policy and use the cash payout to enhance your retirement years. Perhaps you want to become a snowbird and lease a nice condo in a warm place during the winter months of the year. Maybe you have always wanted to visit the French Riviera. Now is the time to do some of those things you have been dreaming about for many years.
Your Budget Is Tight
While planning for your retirement, you likely sat down with a financial advisor in order to figure out how much you could spend each month and have your money last for the desired amount of time. You may have recently reviewed your budget, only to discover that increases in your basic living expenses mean that you are spending too much each month. Selling the policy eliminates the expense of the insurance premiums. You could add the cash to your savings and improve your monthly cash flow’s direction. Selling your life insurance policy is an important decision, and this information will help you to make your choice with confidence.