Should I Sell My Life Insurance?
Have you ever wondered, “How will I sell my life insurance policy?” There are numerous reasons to consider to selling…
- The premiums are no longer affordable.
- The need to replace lost income in case of death of the insured no longer exists.
- The need for funds to pay estate taxes no longer applies.
- There is a need for resources to pay for health expenses and long term care.
- A term policy may be reaching the end of the coverage period.
- Funds are wanted to improve a retirement lifestyle.
- The sale of a life policy is not for everyone.
There are alternatives other than selling a life insurance policy that may be appropriate for a policy owner’s circumstances:
- Keep the policy enforce through a loan or use of the cash surrender value.
- Seek an accelerated death benefit, if available.
- Assign the policy as a gift or charitable contribution.
- Convert a term policy to permanent insurance.
- Reduce the death benefit with a lower face value and lesser premiums.
- Lapse or surrender the life insurance policy.
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Anyone considering a life settlement should first talk with their insurance, financial and/or legal advisor to explore all legal, tax and other consequences from selling their policy.