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Sell your Life Insurance for Cash

May 10, 2024

Did you know that you can sell your life insurance policy?

If you own a life policy of $100,000 or more and you’ve had a change in health since you first purchased your policy or if you are over age 65. Most types of life insurance policies qualify, including universal life, whole life, variable life, survivorship, group life, and even term life.

Like many Americans, you purchase life insurance to protect your family or business. As circumstances change, however, so does your need for coverage. You may want to consider selling your life insurance policy if it’s too expensive to maintain if your term policy is expiring soon if you need help to pay for medical care, if you want to increase your retirement funds, or if it’s more life insurance than you need. You can retain a portion of your coverage, keep what you need, and sell the portion that you don’t need.

Life insurance is an asset that can be sold just like your home or automobile. When you sell your life insurance policy – a process known as a life settlement – you receive a lump sum cash payment or a combination of cash and coverage with no future premium obligations. There may be tax implications that you should review with your CPA or other tax professional.

A life settlement is a more lucrative option than lapsing or surrendering a life insurance policy.

Contact us today and we will work with a number of companies that will bid on your policy to give you the best offer.