Many people are under the assumption that life insurance policies cannot be divided or sold, but the reality is that it is possible to sell a portion of your life insurance policy. And for some, this option offers a viable solution to financial woes.
It can be stressful when you’re struggling to pay life insurance premiums, especially at a time in your life when you could use the additional funds to enjoy retirement, pay off bills, renovate your home or care for family members.
If you’re interested in learning more about the process of selling a portion of your life insurance policy, we have the information and the assistance you need.
The Benefits of Selling a Portion of Your Life Insurance Policy
Premiums can be difficult to manage, especially when you’re nearing retirement. You deserve to live your wonder years as you desire without feeling strapped for cash or letting your life insurance policy lapse. When working with professionals from LifeGuide, you’ll soon realize the potential for the extra cash flow.
Imagine being able to:
- Take the vacation you’ve been dreaming about, well before retirement
- Donate funds to a charity that is near and dear to your heart
- Pay down the debt that has you feeling stressed and unable to enjoy retired life
- Make needed renovations to your home
With cash in hand, all of these options become a reality.
The Process of Selling a Portion of Your Life Insurance Policy
While many life insurance companies are well aware that it’s feasible to sell off a portion of a policy, they are not likely to advertise this fact. But, why pay for something that you no longer want or need? Gain immediate cash without the hassle when working with LifeGuide. We’ll walk you through the process that often looks like the following:
- A finance company offers to purchase a portion of your policy – providing you with the proceeds
- This company pays your remaining premiums and is able to collect death benefits when the insured person dies
As a result, you’re relieved from the pressure of paying for a life insurance policy that is no longer wanted or needed following a financial change, death of a spouse, or divorce. It’s never easy to anticipate what you’ll need in the future when initially purchasing a life insurance policy, but you shouldn’t be burdened with something that’s no longer a necessity for you and your family.
It’s crucial to reach out to qualified professionals who are experienced in guiding you through the process of selling a portion of your life insurance policy. That’s where LifeGuide comes in.
Find the Support You Need with LifeGuide
LifeGuide™ offers financial information and guidance to seniors, access to a highly experienced referral network of planning professionals, and a safe and secure process for retirees to plan for the future. We offer innovative solutions including selling your life insurance policy if no longer needed. Contact us today to learn more about how we can assist you with your life insurance questions and concerns.