Now that you have officially retired, you may find managing your finances more challenging than you expected. You may have even considered taking on a part-time job to ensure that you can meet all financial obligations. While that is certainly one possibility, another that you might not have considered is to cash out your life insurance. Sell My Life Insurance Policy is a referral company that can connect you to buyers interested in a life settlement agreement with you.
Understanding the Process to Cash Out Life Insurance
You may have purchased a life insurance policy years ago that you no longer need for a variety of reasons. Perhaps the primary beneficiary longer needs the financial support that your life insurance policy would provide to him or her. Or, you could have medical expenses to pay in retirement. Maybe you just want to feel more secure that you can pay your bills and have a bit left over each month.
Whatever your reason for considering the process to cash out life insurance, Sell My Life Insurance Policy makes the process easy for you. To get started you will complete our simple 2-step qualification form to determine if you meet the criteria for a life settlement. Once we determine that you are eligible for a life settlement, you will be contacted by life settlement companies, within our partnership network, who are interested in working with you for the sale of your life insurance policy. You will then review your offers and select a company that you would like to complete the sale with. You will work directly with the company of your choice to complete the sale and receive your funds.
A great benefit of working with Sell My Life Insurance Policy is the time savings. Since we connect you with multiple buyers through one simple application, you do not need to research multiple companies, fill out multiple forms, and spend excessive time waiting.
Funds for a More Comfortable Retirement
Once you receive payment from the buyer of your life insurance policy, the money is yours to spend, as you see fit. The Internal Revenue Service (IRS) places no restrictions on how people spend the money they receive in a life settlement offer. Perhaps, you want to build up your savings account to pay for future medical care or take a trip that you have long dreamed of. Additionally, after you cash out life insurance through the sale of your life insurance policy, the life settlement company will take over premium payments. Since you are no longer responsible for insurance premiums, you will furthermore have more spending money in your budget each month.
Want to know more? Check out our Frequently Asked Questions.
Ready to see if you qualify? Get started here.
Viatical Settlement vs. Life SettlementLacey Ellison2021-12-02T22:39:47-05:00
A life settlement is when a senior-aged individual in fairly good health sells their life policy to a life settlement buyer. Those with a life-threatening illness such as cancer, ALS, or Alzheimer’s may qualify for a viatical settlement. Both viatical settlements and life settlements are the sale of a life insurance policy from an insured to a buyer, but the qualifications are different.
How to Sell a Life Insurance PolicyLacey Ellison2021-12-02T22:39:55-05:00
First, see if your policy qualifies. Our simple online form (link this) will ask you basic questions about you and your life policy. Once we receive your information, we will review and let you know if you are eligible to proceed with selling your policy. If so, we will connect you with interested buyers who will provide you with an offer for your life policy. It’s that easy.
What is a Life Settlement?Lacey Ellison2021-12-02T22:42:55-05:00
A life settlement is the legal sale of an existing life insurance policy for more than its cash surrender value, but less than its net death benefit.
Who Qualifies for a Life Settlement?Lacey Ellison2021-12-02T22:40:56-05:00
To qualify for a life settlement, your life policy needs to be valued at $100,000 or more. You must also be at least 75 years of age. If you are not 75 or older, you must have a serious illness such as cancer, ALS, or Alzheimer’s.
Can I Sell My Life Insurance Policy?Lacey Ellison2021-12-02T22:41:16-05:00
Yes. Many people don’t know their life insurance policy is a financial asset they have the legal right to sell. A life settlement is a legal financial transaction where the insured sells their life policy for a lump-sum cash payment. You pay for it so why shouldn’t you be able to sell it?
Find out what your policy is worth today.
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