SELLING YOUR LIFE INSURANCE POLICY
Life insurance is an asset that can be sold just like your home or automobile. It's a process known as a life settlement––you receive a lump-sum cash payment with no future premium obligations. The purchaser takes over future premium payments and receives the death benefit when the insured passes away.
A life settlement may be a better option than lapsing or surrendering a life insurance policy and provides, on average, four times more than the cash surrender value. Usually, if you own a policy with $100,000 or more in death benefit, are over age 70, and have experienced a decline in health from the time when the policy was issued, you are a prime candidate. Because each life settlement case is unique, these factors should only be seen as general guidelines.
WHY SHOULD I SELL MY LIFE INSURANCE POLICY?
You can no longer afford premium payments.
Depending on the type of policy you own, the price of the premiums you pay may be increasing. Many policyowners choose to sell their policy rather than surrendering the policy back to the insurance company.
Supplement your retirement fund.
Some sell their policy with retirement benefits in mind. Selling your policy is an excellent way to supplement savings in your golden years.
Help with medical care or other expenses.
Selling your life insurance policy can assist with medical bills. By choosing to sell your policy, you may pay off your bills and build your savings.
Your life insurance policy is no longer needed.
As situations in life change, you may find that you no longer need your policy. Instead of surrendering the policy and receiving less payout, it could be financially beneficial for you to sell for cash.
HOW MUCH IS MY LIFE INSURANCE POLICY WORTH?
The value of your policy is based on four factors: Age, Health, Policy Type & Policy Value. Contact Caplan Financial today to get a free quote on selling your life insurance policy.
ARE THERE ANY EXPENSES TO YOU?
We do not charge for any of our policy value estimation services or consultations. Caplan Financial wants to be sure that you have the knowledge and resources to help make the best decision for you and your family.