Don’t make the mistake of thinking that your term life insurance policy has no value to you, just because it has no accrued cash value with the insurance company. Exploring all available options is important for those who are looking to maximize the value of their term life insurance policies, especially as the policy nears expiration.
If you no longer need a term life insurance policy — or can no longer afford the premiums — you could consider selling the policy through a life settlement. This is a financial transaction in which a policyowner works with Coventry Direct to qualify a life insurance policy for sale.
For example, we recently received a call from a policyowner with a $1,000,000 term policy. After being diagnosed with a serious illness, she needed help covering her medical expenses. She saw a commercial for Coventry Direct and decided to learn more about life settlements. The policyowner received $81,500 for her policy, which had no cash value. She used the proceeds to take care of her mounting medical bills as well as her daughter’s educational expenses, giving her the peace of mind she needed to enjoy time with her family.