Should I Sell My Life Insurance Policy?
If you are like many Americans, you purchased life insurance to protect your family or business. But as your circumstances changed, your insurance needs changed as well.
Reasons to sell your life insurance policy include:
Your premiums are too expensive.
If your life insurance premiums have increased to the point where they 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, which could provide you with a multiple of the cash surrender value.
And if you’re worried about not having coverage, you can maintain a portion of your current insurance coverage while eliminating the need to pay future premiums.
You don’t need the policy anymore.
If the reason you took out your policy no longer exists, consider selling your policy for cash. For example, your kids are grown; you retired and no longer need to protect your income; you’ve sold your business; or premium payments have become too expensive. Whatever the reason, you should find out if you qualify to sell your policy.
You’re looking to supplement your retirement income.
If you qualify for a life settlement, you can sell your life insurance policy and generate additional income. You can even retain a portion of your policy’s death benefit with no future premium obligations while selling your policy for cash.
You need to cover unexpected medical expenses.
If you qualify for a life settlement and choose to sell your policy for cash, you can alleviate some of the stress that comes with unexpected medical expenses. Whether that means covering medical bills, or paying for a long-term care facility or in-home care, selling your life insurance policy can help.
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 1.800.COVENTRY or 1.800.268.3687 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.