Should I Sell My Life Insurance Policy?
IF YOU ARE LIKE MANY AMERICANS, YOU PURCHASED LIFE INSURANCE TO PROTECT YOUR FAMILY OR BUSINESS. however, AS CIRCUMSTANCES CHANGE, SOMETIMES INSURANCE NEEDS CHANGE AS WELL.
REASONS TO SELL YOUR LIFE INSURANCE POLICY INCLUDE:
Your premiums are too expensive
If your life insurance premiums are no longer affordable, there are a few options for you to explore. You can stop paying premiums and let your policy lapse; surrender your policy to the life insurance company for the cash surrender value; or find out if you qualify to sell your policy. This last option could provide you with more money than the cash surrender value offered by your insurance company.
You don’t need the policy anymore
If your circumstances have changed and you no longer need the policy, consider selling your policy for cash. For example, your kids are grown; you are retired and no longer need to protect your income; or you’ve sold your business.
You’re looking to supplement your retirement income
Selling your life insurance policy is one way to generate additional income. This can help supplement expenses during retirement.
You need to cover unexpected medical expenses
Finding funds for unexpected medical expenses, including paying for a long-term care facility or in-home care, can be stressful. Selling your policy is one solution that can help pay for these expenses.
Your term policy is approaching its expiration date
If your term policy is expiring soon and you’re not sure what to do, complete our online qualifier or give us a call at 201-608-5161 to find out if you qualify to sell your policy.
Regardless of what you decide to do with your policy, don’t lapse or surrender it before speaking with us.