If you need cash now and have a life insurance policy, you can consider going to a broker that specializes in life insurance sales. A company will be able to purchase your life insurance now to give you cash in the bank — and you'll then be able to use that cash for your retirement, medical expenses, or anything else you desire.
1. You Can Sell Only Part of Your Life Insurance
If you're concerned that your family will not have enough money for your final expenses, you don't need to be. You can always sell only a portion or percentage of you life insurance policy. On the other hand, you can also sell the complete policy and leave behind cash or investments for your family members from the profit of the sale.
2. You Can Sell Both Term Life and Whole Life Policies
Many people assume that they can only sell whole life policies, but a term life policy that still has a significant amount of time on it — such as a 20 year term policy that has 10 years remaining — can still be sold. It just won't be sold for as much. In fact, selling a term life insurance policy is often the smartest thing to do; if you can't afford your insurance and your insurance lapses, you won't make money at all.
3. You Will Sell Differently If You Have a Terminal Illness
Life insurance sales for those who have a terminal illness are handled differently from those who simply want to sell their policy. These policies are generally far more lucrative, depending on the illness that you have. If you're looking for end-of-life expenses or if you simply want to cover your current medical expenses, selling through one of these specialized services will yield more.
4. You Can Comparison Shop
There are many companies that purchase life insurance. Further, they all use their own algorithms to determine how much they want to pay for your insurance. Depending on your current medical situation, age, and other factors, you may find that you can make much more by comparing multiple brokers and finding the right one for you.
Selling your life insurance policy isn't something that should be taken lightly, but it's a large and reputable industry. If you want to sell your life insurance, you can begin contacting life insurance brokers. Your life insurance agent may also be able to give you further information regarding your current benefits and whether it's a good idea for you. For more information, contact local professionals like Crummey Service.