Life Insurance Policy TOO Expensive – What Can You Do?
A life insurance policy is designed to remain in place for decades, providing you and your loved ones with peace of mind. This is because death benefits can provide loved ones with financial support after you pass away. However, your personal finances can change drastically over time and you may be in a situation where your life insurance premium is no longer affordable for your budget. You could simply cancel your policy in an effort to save money, but a better idea may be to sell it for cash.
What you will learn:
Understand Your Life Insurance Policy Is an Asset
Your cash value life insurance policy is an asset that accrues additional value with each payment you make. Because of this, there are interested buyers who may purchase this asset from you. The policy will then remain in force, and the buyer will make the payments for you and receive the death benefits when you pass away. There are specific criteria that must be met in order to sell your policy. For example, you must have a qualifying universal or whole life policy in force. You can learn more about the qualifying factors that you must meet in order to sell your life insurance policy to a qualified buyer.
Determine the Value of Your Life Insurance Policy
You may be wondering what the benefit of selling your cash value life insurance policy is. After all, you could simply cancel your policy and have the surrender value reimbursed to you by the life insurance company. However, when you sell your life insurance policy, you may obtain an amount that is more than the surrender value and less than death benefits amount. This means that this is an exceptional way to retire your policy while getting more money out of the process. There are numerous factors that are reviewed during the sales process to determine the final offer that you may receive when you sell your life insurance policy for cash.
If you are interested in learning more about the option to sell your life insurance policy for cash, you can easily use our calculator to receive an estimate of your policy value. The calculator can share an estimate in a few moments. Explore your policy value today before you cancel with your insurer.