Yes! You really can sell your life insurance policy. It is strange that so many people simply think that they cannot sell their life insurance. After all, can you think of anything else that you own that you are not allowed to sell? Yeah, neither can I.
But, the fact is that a good number of folks are downright surprised to learn that they can indeed sell their life insurance just like they can sell every other asset they own. And, make no mistake about it, your life insurance is an asset.
Moreover, depending upon your circumstances, it could be a great move for you to sell your life insurance policy.
The right to sell your life insurance policy is a sacrosanct freedom that the United States Supreme Court fortified more than a century ago with a ruling that underlines our right to sell our life insurance policies.
Since that 1911 decision, odds are that hundreds of thousands of Americans have sold their life insurance via the life settlement process to improve their lives and the lives of their loved ones with great success.
Should You Sell Your Life Insurance Policy?
However, as we all know, just because you can do something it does not mean you should do it. So, similar to selling your house, before you go ahead with a life insurance settlement solution, you should determine if it is the right financial and personal decision for you and your loved ones.
How to Know if a Life Settlement is Right for You
People who usually get the most out of a life settlement are those who are at least 70 years old, don’t need the life insurance payout to take care of loved ones post passing, can no longer pay the premiums, or just need the money.
How to Know How Much Your Life Insurance is Worth
The quickest and easiest way to determine how much your life insurance policy is worth is to use an online life settlement calculator.
Just by answering a few questions about your age, the payout of your life insurance policy, your health, and your home state, an online life settlement calculator will instantly give you an estimate of how much your life insurance is worth.
Then, once you know how much cash in hand a life settlement will provide, you will have the information you need to tell whether selling your life insurance makes financial sense for you.