Sell My Life Insurance Policy helps people interested in selling their life insurance policy to a third party find potential buyers. Below we outline a few situations in which you might consider selling your life insurance policy for cash.
The Premium for Your Life Insurance Policy is No Longer Affordable
It can be difficult to cover the cost of a life insurance premium when you are living on a fixed retirement income. To make matters more challenging, most term life insurance policies have premiums that rise substantially once the term ends. Selling your life insurance policy can free up room in your budget, as well as provide you with extra cash to make your retirement years more financially comfortable.
You Have Multiple Life Insurance Policies but Only Need One
You may have worked hard during your career and purchased multiple life insurance policies to provide your family with the best financial protection possible. However, as you enter retirement and your children become more financially independent, you may find that you are no longer in need of multiple life insurance policies. Rather than letting your additional life insurance policies lapse, you can sell your un-needed life insurance policies. This will not only give you cash now, but also increase your spending money, as you eliminate premium payment obligations.
You Want to Liquidate the Asset for Cash
There are many reasons why individuals choose to liquidate their life insurance policy for cash. Funding retirement is just one of them. Unfortunately, retirement is more costly than many individuals realize, leaving them wishing they had saved more during their working years. Another common reason why individuals sell their life insurance policy is to pay off debt. With medical costs on the rise and credit cards becoming more common, debt has become a real financial burden for many. It is possible that you have a lot of medical or credit card debt and want to use the proceeds from your life insurance policy to pay it down.
Liquidating your life insurance policy for cash can give you the freedom to live more comfortably, not only by giving you the option to increase your retirement fund or reduce your debt, but also to take a luxurious vacation or engage in activities you have always enjoyed but didn’t have time or money for. When you work with Sell My Life Insurance Policy to liquidate your policy for cash, you will be connected with our network of buyers to ensure you get the highest possible offer for your life insurance policy, whether you need more cash for retirement, to pay off your debt, or simply want to have a more enjoyable life.
Next Steps After Deciding to Sell Your Life Insurance Policy
After you have determined you want to sell your life insurance policy for cash, you may wonder how to get started and what the process will entail. Sell My Life Insurance Policy makes selling your life insurance policy for cash simple.
- You can begin our simplified life settlement process by first completing our quick 2-step form which will determine your eligibility.
- You will receive your eligibility results immediately, letting you know if you qualify for a life settlement.
- After you are determined to be eligible for a life settlement, you will be contacted from buyers within our partnership network and given various offers for your life insurance policy.
- You can then select the life settlement company that best meets your needs and continue the closing process with them.
- After the life settlement company processes changes to your life insurance policy, you will receive your funds.
Selling your life insurance policy with us means a much faster process for you, as we eliminate the need for you to research and contact multiple companies individually and complete multiple applications. Working with Sell My Life Insurance Policy also helps ensure you receive a fair offer for your life insurance policy.
Selling your life insurance policy provides you with the financial options you deserve. Get Your Free Estimate! and start receiving your offers today!
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.
First, see if your policy qualifies. Our simple online form 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.
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.
To qualify for a life settlement, your life policy needs to be valued at $150,000 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.
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?
