Why Selling Your Life Insurance Policy May be the Best Decision You’ll Ever Make |
Posted: September 16, 2019 |
When you were a member of the workforce, you undoubtedly purchased a life insurance policy. Perhaps your spouse did, as well. Afterall, a life insurance policy is meant to protect your family in the advent of your premature death. As a working adult, you knew that your death would mean that your family would be put in a precarious situation, especially if you were the sole breadwinner for your family. At the time, paying for a life insurance policy was not only the responsible thing to do, it was prudent. If both you and your spouse worked, a life insurance policy would ensure that you’d have enough money to pay for funeral expenses and make up the loss of income your family would endure should one of you have died. But now, as retired empty nesters, there’s less of a need for your life insurance policy. Your children have their own families now and their own jobs and won’t be found wanting when you pass away. So what should you do with your unnecessary life insurance policy? Two words: sell it. Retirement Most individuals won’t be eligible to sell their policy unless they’re retired. Lucky for you, that part is squared away! But what if in the early years of your retirement you realize that you haven’t saved enough money to do all of the things you want to do? What if you realize that you’ve saved enough to survive, but not enough to actually enjoy your golden years? This is a perfect example of when selling your life insurance policy would be appropriate. If your policy is worth over $100,000, you’ll likely receive around $25,000 as a lump sum. Medical emergencies No one wants to imagine the worst happening, but life is unpredictable. As you age, you’re more and more likely to experience a medical emergency. Will you have enough money to cover a lengthy hospital stay or lifesaving surgical procedure? Selling your life insurance policy is a very straightforward way to guarantee that a broken hip or cardiac event won’t bankrupt you and your family. End of life planning Chances are, you’ve probably already considered how your family will pay for your eventual funeral costs. But what if you require hospice care or assisted living? By selling your unneeded life insurance policy, you’ll have funerary costs to contend with along with these unforeseen circumstances. Again, selling your life insurance policy is a wise choice. Assisted living and hospice care facilities are notoriously expensive. Using your life settlement to cover the costs is fiscally savvy. It is also the kind thing to do for your children. The last thing you’d want is for them to spend the last days they have with you fretting about your care costs. How do you sell your policy? Once you’ve decided you want to sell your policy, you’ll want the easiest possible solution. There are an overwhelming number of settlement companies to sort through and you can’t be sure that you’ll find the best deal if you go it alone. This is when you should turn to Sell My Life Insurance. Their completely free service will pair you with the best settlement companies for your financial needs. They work with you to take the hassle and stress out of the life settlement process. As long as you’re a minimum of 70 years of age and have a policy of $100,000 or more, you might be qualified for their services. Once you’ve settled on a company you’d like to sell to, you’ll receive a lump sum payment in exchange for your policy. Though this amount will likely be less than the entirety of the policy’s value, but you’ll have access to funds that you otherwise wouldn’t to help you take care of expected expenses pertaining to an illness or expected expenses that come with age.
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