Sell Your Life Insurance
Learn how you can sell your life insurance today to boost your current financial situation.
You Can Sell Your Life Insurance for Cash
Having a life insurance policy is important, but there may be times when the policy is no longer serving your needs and you want to sell it. If that’s the case, you can sell your life insurance and receive cash for a policy you’re no longer using.
Whether you really can’t afford the rising premiums any longer or you just want to have the cash for something else, there are options for you to consider. When you sell a life insurance policy, you no longer have to worry about making that monthly payment, and you can put some cash in your pocket.
Are All Life Insurance Policies Able to Be Sold?
When you have a term life insurance policy, you aren’t going to get cash value from it. It’s designed to be in force for the agreed-upon term, and you’ll pay every month to keep it in place. If you cancel it or otherwise get rid of it for some reason, though, you won’t receive any of that money back. There’s nothing to sell with this type of policy.
What Is a Whole Life Policy?
Unlike term life options, whole life policies build cash value. These insurance policies can be sold because they’ve accumulated value over time. The longer you’ve had the policy, the more money you can get from it. If it’s a very new policy, it might only be worth a little bit, but a policy you’ve paid into for a long time can be worth a significant amount.
If you are no longer comfortable paying the premiums or you don’t have anyone to leave your life insurance to when you pass away, selling your insurance policy could mean putting money in your pocket right now. That’s money you can spend to pay bills, travel, make home repairs, or do all kinds of other things that might be important to you.
The best way to sell a life insurance policy is to first determine which kind you have and how much it’s worth. Then, you can make an informed decision about whether there’s value in it and if you want to sell it. If it’s a whole life policy you’ve had for a while, you may be surprised at how much cash you could receive.