When Selling Your Life Insurance Policy Makes Sense
If you’re like many Americans, you may have purchased life insurance to protect your family or business and provide financial security when it was needed most. But as circumstances change, your insurance priorities may have changed with them, which is why selling your life insurance policy can make sense.
Here are a few important reasons why you may want to consider selling your life insurance policy:
- It is too expensive to maintain.
If your premium payments have continued to increase, your policy may no longer be affordable.
- You have more life insurance than you currently need.
As your circumstances and need for financial protection change, you may want to reduce the overall insurance you own.
- You need help with increasing medical or long term care expenses.
Selling your policy can help cover your immediate needs.
- Increasing your retirement funds will increase your peace of mind.
The proceeds from the sale of your policy can help boost your savings and supplement your retirement income.
- You still want to keep a portion of your life insurance, but would like to eliminate the premiums.
You can sell part of your policy, eliminate costly premium payments and maintain a portion of your coverage.