7 Reasons to Consider Selling Your Life Insurance Policy
If you’ve ever asked yourself “should I sell my insurance policy?” you’re not alone. Here are a few reasons selling your term life or whole life insurance policy makes sense.
1. Your Premiums Have Become Too Expensive.
If your life insurance premiums have become unaffordable, you have a few options. If you stop paying your premiums, your policy will eventually lapse and become worthless. Your other option is to surrender your policy back to the insurance company for its cash surrender value. What we believe could be your best option is to sell your life insurance policy for cash. If your policy qualifies, you could receive a large cash settlement, and you’d no longer be responsible for any future premium payments.
2. Your Insurance Needs Have Changed
You may have purchased life insurance to protect your family or business, but as your life has changed, your life insurance needs may have changed as well. You may no longer need your current amount of coverage, or you may not need any coverage at all. If you want to make changes to the level of coverage you have, we believe you should consider selling your current life insurance policy for a cash settlement.
3. Your Term Policy is About to Expire.
If your term life insurance policy is close to expiration, your premiums are likely to significantly increase if you decide to convert it to permanent insurance. Despite term life insurance policies usually having no cash value, you still may be able to sell your term life insurance policy for a cash settlement. If you have a term life insurance policy that’s about to expire, and you can’t afford to convert it to permanent insurance, you may want to consider selling it with Prosperity Life Settlements.
4. You Need to Cover Medical Expenses
We understand both the emotional and financial stresses unexpected medical costs can cause. Selling your life insurance policy can help pay for them and relieve some financial strain.
5. Long-Term Care
Long-term care is often prohibitively expensive and isn’t covered by Medicare or the majority of health insurance companies. If you need help paying for long-term care, and don’t have long-term care insurance, selling your life insurance policy could be your best option.
6. You’re Looking to Boost Your Retirement Income.
If you qualify, the proceeds from selling your life insurance policy could generate supplemental income for retirement. In some cases, you may be able to sell part of your policy while still maintaining a portion of your policy’s coverage.
7. You Could Use Some Extra Money
Whether you want to finally go on that dream vacation, buy a new car, help send your grandchildren to college, donate to a charity, or even buy a new house, you have endless possibilities for using the cash you could receive from selling your life insurance policy. To see if you qualify for a life settlement, give us a call at (800) 591-2551