Can I Sell My Life Insurance Policy For Cash?


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.

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3 Ways To Get Cash Out Of Your Life Insurance Policy

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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

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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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What is a Life Insurance Buyout?

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Great question. A life insurance buyout is just another way of saying a a life settlement, which is the technical term for the process of selling your life insurance to a third-party investor if you no longer want or can afford it. A settlement a somewhat-simple transaction that pays the policy owner (you) an upfront cash payout, or a yearly payout. For this payout, you assign the policy to the buyer so that they own the policy and collect the death benefit at a future date when you pass away. 

Most people who pursue a life settlement do it if they have a life insurance policy which you no longer want, need or can afford. This article summarizes the important things you need to know about a life insurance buyout.

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When Should Seniors Consider a Life Settlement?

 

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Are you a senior considering a life settlement? It could be a great financial option for you and your family depending on the scenario. 

Whether or not you should consider a life settlement depends on your personal financial situation, goals, and needs. In general, a policyholder may consider selling their policy because their current financial situation does not warrant the need for a policy any longer. Below are some of the most common reasons why policyholders may abandon their policy.

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The Guide to Reverse Life Insurance

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Reverse life insurance is the process of selling your life insurance to an investor for an upfront settlement. With the growing popularity of these insurance transactions, Ovid put together this quick and nifty reverse life insurance guide. Most people don’t realize they have this important hidden asset and that they can sell their life insurance just like their house or their car. Start with this article to figure out if it makes sense for you to get paid for your life insurance. If you’re looking for more information then, read this life settlement guide.

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