3 Ways To Get Cash Out Of Your Life Insurance Policy

Ovid Blog - Beach Couple

 

If you have a universal life insurance policy or a whole life insurance policy that you’d like to trade in or tap for cash, you’re in luck. These permanent life insurance policies are often designed and funded to borrow or get cash from. Before going any further, make sure you read the fine print of your policy and understand any fees, borrowing interest or charges which might be incurred.

There are several viable ways to go about this (including life settlements), depending on whether you want to keep the policy, how much time you have available to spend on the project, and the amount of money you’d like to access. Read more

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How to Sell Your Life Insurance Policy

Ovid Blog - Beach Couple

 

While purchasing a large life insurance policy in your 30’s was probably a wise move (especially if you were supporting a growing family) that big policy may not be such a great deal after the kids move out. You may no longer need assurances that the death benefit bestowed upon your family by your insurance company will be large enough to securely launch your children into adulthood. Maybe your nest egg isn’t as large or secure as you’d like, and adding a sizeable lump sum would allow you to more easily afford rising health care costs and travel more frequently. Read more

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