Sell Your Life Insurance
Have you considered selling your life insurance policy for cash? In some cases, it may be a better alternative than selling other assets like your home.
Sell Your Life Insurance Policy for Cash
Many retirees find that their financial strategy for retirement — usually a combination of savings, Social Security, pension, etc. — is not enough to sustain their lifestyle. Medical bills, paying for in-home care, and rising living expenses can make a serious dent in your retirement funds. Apart from those expected costs, unexpected things (e.g., car accidents, hail damage, a new roof) can always happen at any time.
Financial planners will always tell you to check your accounts and evaluate their performance every few years to make sure you’re on track with your saving goals. There was a time when people only needed savings for a decade or two after retirement. With life expectancy increasing every year, you might need those savings to stretch for 25 or even 35 years after retirement.
Consider All Your Options for Extra Cash
So, what can you do if you find that your savings aren’t enough to pay the bills? There are a number of options for senior citizens to explore, such as taking out a reverse mortgage or a personal loan or even borrowing from family members. What many people don’t consider is that they can also sell any life insurance policy they might have.
Most people forget about their life insurance almost immediately after first purchasing it. You may continue to pay premiums without giving a thought as to whether you still need the policy or not.
Many purchase life insurance to help their family replace the income they would lose in case of death. If your children and other dependents are all grown up and financially stable, though, you may not need that policy anymore. Others find that they cannot keep up with the premium payments over the years.
Sell Your Life Insurance Policy
Whatever the reason, you can always sell your life insurance policy to a third party. Most people don’t realize that an insurance policy is a personal asset. Like any other asset, you are free to sell it at any time.
Selling your policy can be a sound financial strategy, but it is vital to do your research before doing anything. If you don’t have much experience with financial transactions, you can always find an independent broker who will shop your policy around to different companies. If you need money after retirement, selling a policy you no longer need can be an excellent route to pursue.