As someone who has constantly invested their hard-earned money into life insurance premiums, when the time comes, asking yourself – do I need to sell my life insurance policy? Is critical. If you have looked online on how you can sell your insurance? various eligibility criteria pop up. Every settlement company tries to justify and convince why you would need to sell your life insurance policy. But, until you are not sure, selling your life insurance may not be as fruitful as you might think. Let’s dig a little deeper and lookout for a couple of advantages and some disadvantages of selling your life insurance policy. Upon reading this quick narrative, making a firm decision on should I sell my life insurance policy can become much easier for you.
Why sell my life insurance policy?
There is no doubt that the emergence of settlement companies is like a breath of fresh air, a second-inning, for many individuals who venture into their retirement. People who qualify for selling their life insurance policy can easily visit a settlement company with the proper paperwork, get the right valuation, and within a few days receive a lump sum amount in hand. As easy-breezy as it sounds, there is a lot that the seller of life insurance policy loses. But, we will talk about it a little later. Let’s look at a couple of aspects of why you should sell your life insurance policy.
- You get instant cash in hand: There is nobody who would not like to retire with a great amount of cash in hand. It allows them to do anything they want and live a soothing life.
- No premiums anymore. Life insurance premiums are hefty and take up a great chunk of your monthly earnings. Not anymore. If you sell your life insurance policy, there is no stress about that.
Medical relief, money for an upcoming special occasion, and more, many great reasons will make you go towards the way of selling your life insurance policy.
Why not sell my life insurance policy?
While you have glanced through the benefits of having a life insurance policy, you should also know why you would not want to sell your life insurance policy to a settlement company.
- You lose all the rights to your life insurance policy. After you sell, you receive a lump sum of money and the benefits of your insurance go to the settlement company.
- You might not get the correct lump sum amount for your insurance policy. If you don’t keep track of everything about your policy, chances are, the money you receive at the end of the day is way less than what you should have received.
So, what is your take? Do you want to sell your life insurance policy? Is instant money what you want, or the death benefits you would like to give your loved ones? What is important for you, right now? Think and only then decide to sell or not to sell your life insurance policy.