As we approach old age, we need to make better, smarter and more informed decisions that serve our best interests and take care of our needs.
Sometimes, these decisions may mean choosing between continuing to pay your life insurance premiums, or to sell your policy for a life settlement via a licensed life settlement broker.
While you weigh those decisions, it may help to know some benefits of selling your life insurance policy. Here are the most important ones.
Helps You Fund Your Ideal Retirement—Now
Let’s say that you have a life insurance policy that pays on an average of $250,000 in death benefits. If you qualify for a life settlement, you may be eligible to receive a cash settlement which may help with your current expenses.
This payout may be enough to help you sustain a good post-retirement lifestyle. This money could also come in handy for unanticipated expenses; for instance, a lot of people choose to use their settlement money for medical treatments that aren’t covered by insurance.
It May Be A Better Option Than Lapsing Your Policy
Sometimes, life insurance premiums can get quite expensive to manage. In this instance, you run the risk of lapsing your policy and losing your entire death benefit.
If you qualify, a sounder action plan may be to sell your life insurance policy for a cash settlement that you could use to help fund a more comfortable life.
If You’re Looking To Grow Your Investment Portfolio—Settlement Proceeds Could Help
One option is to use the proceeds from a life settlement to add additional funds to your retirement portfolio instead of contributing that money to life insurance premiums.
Could Help Fund Long-Term Care
While we work hard day in and day out, and push ourselves to perform better at our job, what’s the one thing that keeps us going?
The chance for a better, healthier, and a more comfortable post-retirement life.
Even if you haven’t accumulated enough wealth to give you your ideal retired life, selling your life insurance policy could help fund it.
The proceeds from the sale of a life insurance policy may help fund long-term care needs.
To get an estimate of what your life insurance policy may be worth, if you qualify, please visit our free life settlement calculator.
For further questions related to selling your life insurance policy, email us at email@example.com or call us directly at (800) 591-2551.