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How To Sell My Life Insurance

How To Sell My Life Insurance

Most adults today have some sort of life insurance policy. In fact, they’ve become extremely accustomed to actually having a life insurance policy that most policy owners do not even bat an eyelid when their monthly premium is deducted from their bank account. However, if you are one of the many people living across the U.S.A. today that have been negatively affected by the recent recession, you may be wondering “How do I sell my life insurance?”

A life insurance policy is a wonderful policy to have as it ensures that your loved ones will be financially taken care of should something ever happen to you. But what if your loved ones are all grown up with life insurance policies of their own and you are either in or nearing retirement? Without even knowing it you may actually be over-insured. If you have found yourself in any of these situations it is certainly time to start thinking about “How to sell my life insurance”.

Your first order of business is to determine whether or not you qualify to be able to sell your policy. This is easily done by contacting a settlement company and simply asking them “Do I qualify to sell my life insurance policy?” The settlement company will be able to review your policy with you and determine if you can sell your policy.

If you are hoping to sell your life insurance policy merely to make good use of its proceeds whilst you are in retirement, or for some other type of emergency, you should be able to apply for a viatical settlement with a company that specifically buys life insurance policies.

The way that this type of settlement works is that once you are determined to be a qualified candidate, you will be given the opportunity to sell your life insurance policy for cash to a third party or settlement company for an amount that is a little bit less than the current face value of your life insurance policy. Once you have sold your life insurance policy the buyer will then have to continue to pay your premiums every month. Upon your death, the buyer will then be able to cash in on your life insurance policy. The buyer or the settlement company is usually able to make a nice profit by paying a lesser amount for the policy’s remaining premiums than what they would receive in full in death benefits.

Before you can sell your life insurance you should consider creating a ‘Sell My Life Insurance’ eligibility checklist. The checkpoints that you should include are how long you have owned your policy, making sure that you have received a signed release from your beneficiary, and signed a release allowing the settlement company to have access to your medical records.

Before you proclaim to the world “I am going to sell my life insurance policy”, make sure that by doing so you are not creating undue hardship for your beneficiary who would be able to use those funds upon your death.

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