If you purchased life insurance to protect your loved ones, but are now finding it difficult to pay the premiums, you might want to consider selling your policy for cash. When the beneficiaries of your are self-sufficient, while you find yourself having trouble making ends meet with a fixed income, it might be time to sell your policy. It’s important to consider all the personal, financial and tax implications before making a decision about selling your life insurance policy for cash, but if you need more money to fully enjoy your life, it’s an option that should not be overlooked.
How Selling Your Life Insurance Policy Can Help You?
Just like a car, home or jewelry, life insurance is an asset that you can sell when you no longer need it. Selling your policy means that you no longer have to maintain it by paying premiums and can use the cash benefit and money saved on premiums to purchase what you do need and want. As you approach retirement, you may find that you don’t have enough money for the lifestyle you always imagined. If that’s the case, and your children are grown and successful financially, it may not make sense to keep this valuable asset in the wings anymore. Selling your insurance policy can be the financial boost that allows you to enjoy the retirement of your dreams.
How Does Selling My Life Insurance Policy Work?
The best way to sell your policy is by working with an experienced and licensed broker that can guide you through the process and ensure that you get the highest rate of return on the sale of your policy. It is possible to sell whole life, universal life, variable life, survivorship, joint first to die, portable group life and even term insurance for cash you can use right now. The best thing about selling your policy through a broker is that it can be sold for much more than it’s surrender value to the insurance company, which would only be a return of the money you’ve paid in. Selling your policy on the secondary market, where a buyer takes over your premiums and gets your death benefits, can get you 7-10 times what you paid into your policy. Before you sell your policy you should discuss the tax implications of receiving a large amount of cash with your accountant. When you are ready to move forward with selling your life insurance policy for cash, you can contact Alaris for a free, no obligation consultation with one of their experienced licensed brokers.