People frequently ask Ovid: “can I sell my life insurance policy for cash?” This article can help you answer that questions – the short answer is “it depends”.
Only certain people actually qualify to sell their life insurance policy. In addition, there may be alternative options to consider, but it’s definitely an option worth exploring for many. Why would you sell your policy? Many Americans find that their old life insurance no longer serves the original purpose they bought it for – especially as they age. So for some people, it makes sense to sell policy for an upfront cash value instead of continuing to pay the annual premiums.
This sales process is formally called a Life Settlement.