Tips for Selling Your Life Insurance

A life settlement is a transaction in which an individual sells his or her life insurance policy to someone other than the insurance company which issued the policy. Prior to the creation of these transactions, if you owned a policy that you no longer wanted, you had two choices – either you could surrender the policy for its cash value or allow it to lapse. In today's economically unstable environment, many people unfortunately may need the money they had set aside for tragedy now. In some instances, the elderly are no longer capable of even keeping up with their premium payments.

The way a life settlement works is that the purchasers of the settlement pay off the policy holder in a lump sum and then typically either hold the policies to maturity, a death, for example, and then collect the benefits for themselves. The amount that the settlement is worth depends upon a few factors, such as the insured person's age and health, as well as the terms and conditions of the policy. In some instances, a life settlement can be worth up to 8 times as much as just selling your policy back to the bank that issued it. Here are two tips that experts agree should be taken into consideration when preparing to complete a settlement:

1. Research the Facts – While a death benefit can be tax free, a policy that's cashed out isn't. If you plan on selling your policy, make sure to consider the taxes you will be paying, as well as all other fees associated with the sale, in your calculations. Keep in mind that the offer price will typically be well below the face value of the life insurance policy; the seller can receive around 50 cents for each dollar of "intrinsic" value in a sold policy.

2. Find the Best Company to sell to– This will probably be one of the biggest economic decisions of your life, so it is definitely not one to be taken lightly or made quickly. Find the best company and the deal possible. Experts also recommend that you never agree to a settlement without a written offer from the buyer. Make sure to select a financial professional who has experience with life settlements that can explain all of the moving parts of the deal, including the specific repercussions for you. Remember, the sale of the policy is irreversible and should not be done hastily. 

In the still recovering economy, people need money now. Selling your life insurance and completing a life settlement is a viable option for those in need of immediate funds.

Can I Sell My Life Insurance Policy? The Surprising Answer

When you bought life insurance, chances are good that you expected it to be many long years before your policy became relevant. Most people buy life insurance when they are healthy and have little expectation of dying. The payout of the policy then becomes a "dormant" asset, a chunk of money that may eventually be accessible to your family, and which you are paying for every month, but which you cannot do anything with. For most people, this is not an issue and it's something they don't think about—you'd probably never wonder whether it's possible to sell your policy.

However, if you find out you have a life-threatening illness, you may suddenly view your life insurance very differently. Suddenly, insurance money that no one can touch until after you are gone may not seem like such a reassuring thought. With major terminal illnesses come medical bills, often massive ones that could put you and your family deep in debt. During these times, you may also be asked to make difficult decisions—potentially even denied treatment that you cannot pay for. These costs can dwarf the funeral expenses and other costs you expected your life insurance to pay for.

It's at this time that people begin to seriously ask "can I sell my life insurance policy?"

Many people are surprised to find that the answer is yes. There are specialized insurance trading companies that can purchase a life insurance policy from you. This is not the same thing as canceling a policy or asking for an early payout; instead, it is known as a viatical settlement.

When you sell your insurance policy, you will be paid a lump sum equal to a fixed portion of the eventual policy value. This money is yours immediately to use as you see fit: it can help offset medical bills, or it can help you transform the quality of your care and day-to-day life. It may even be used to achieve a longstanding life dream. There are no limits or restrictions on how you use the profit from your sale. The company that purchases your insurance policy will take over paying the premiums, and will become the policy beneficiary.

Obviously, this represents a trade-off. When you sell your policy your relatives will no longer receive money to help with expenses after you pass. On the other hand, if a life threatening illness has made expenses today much greater than expenses tomorrow, it's often worth it. Contact us at Asset Funding Corporation today and see if you qualify!

What is a Viatical Settlement?

If you own a life insurance policy, you have probably heard the term "viatical settlement" thrown around. Most people who take out life insurance will never need one, but for those few who do, it can be a tremendous benefit during one of the hardest times. So what is a viatical settlement and who might need one?

To understand viatical settlements, it's important to know how life insurance works. Normally, a life insurance policy is meant to help your relatives—frequently your spouse, partner and children. It is one of the only types of insurance that does not benefit the person taking out the policy, but rather those around them. With a life insurance policy, the policy is paid out upon your death, with the money often helping relatives pay for final expenses and compensate for the loss of your income. In most cases, this is when the money is needed most.

However, sometimes money is needed more in the years leading up to death than it is when the family is grieving. For example, imagine if you were diagnosed with an illness certain to take your life—perhaps a severe form of cancer. This news would not only be tragic, it would also herald a period of intense treatment options that are almost certainly going to exceed what is covered by your health insurance. That means that in the months or years after receiving such a diagnosis, possibly the final years of your life, you will need a lump sum of money more than ever.

It's during this extremely difficult time—when medical bills today outweigh final costs tomorrow—that many people choose a viatical settlement. With a viatical settlement, you essentially sell your life insurance to an outside party. This does not cancel the policy, but it does make two important changes:

• The buyer takes over the premium payments. You never pay another cent on the policy.
• The buy becomes the beneficiary.

In exchange, the buyer pays you cash up front, so that you have the money you need to pay for medical bills and to maintain a comfortable life during difficult years. 

Viatical settlements have existed for many years and are closely regulated by insurance laws. In most cases, only someone with a life-threatening illness can qualify for a viatical settlement. In those cases, it is a big decision, but often allows a person to dramatically improve life for themselves and their family. At Asset Funding Corporation, we want to help people live comfortably and manage their expenses. Don't wait to inquire about a viatical settlement! 

Holistic Cancer Treatments to Use in Addition to the Traditional Ones

If you or anyone you know is struggling with breast cancer, you are well aware of the financial and emotional toll this terrible disease can take. Not only does cancer infiltrate your body, it infiltrates all aspects of your life. Medicines and treatments to fight breast cancer are extremely expensive. 

For cancer patients, financial help can come from several places, including selling your life insurance policy. By doing so, you can use the money in any way you choose, and some patients decide to supplement their traditional cancer treatments with other methods. With additional money at your disposal, you can use the holistic options listed below to help you deal with the symptoms of cancer treatments:

• Acupuncture - This method is shown to help relieve fatigue and decrease pain caused by radiation or chemotherapy. Most women find that it helps reduce vomiting and nausea. Acupuncture is an ancient Chinese medicinal practice in which thin, sterile needles are inserted in your skin. It is believed that these needles stimulate the nervous system and release natural painkillers.

• Dietary Supplements - There is several kinds of vitamins, minerals and herbs that are helpful for people undergoing cancer treatments. Studies have shown that taking supplements can decrease the deleterious side effects of chemotherapy, as well as help with patients' overall physical and mental state during treatments. Some of the supplements that people commonly take for this purpose are curcumin, vitamin D and maitake mushrooms. Curcumin aids in treating inflammation of the body caused from radiation. Vitamin D has proven to reduce the dividing of cancerous cells. Maitake mushrooms have been found to boost the immune system of cancer patients.

• Massage - There are not many things more relaxing and soothing than a massage. Cancer patients often have muscle and joint pain that is caused by their treatments. Massage therapy can help relieve any tenderness or discomfort. Patients who get massaged regularly have also found they did not have to rely on pain medicine as much. Some studies also show that massages help the immune system.

Selling life insurance policies is one of the best ways for cancer patients to get financial help. Using the funds you receive can allow you to explore alternative, supplemental methods for fighting breast cancer. Cancer is a long, hard battle, but having extra money can help you explore every treatment avenue and increase your quality of life. 

Understanding Life Insurance: Reasons to Sell Your Policy

It's understandable that individuals, married couples and parents get life insurance for themselves and their children as protection from the unexpected and the eventual. However, sudden life changes and events can make many people realize that life insurance is an unnecessary expense.

When this occurs, one question many ask is, "Can I sell my life insurance policy?" The answer is yes. A life insurance policy is a personal property, just like your home, car or stocks. You have the option to sell your policy, just like you can sell other personal items.

To help you better understand life insurance policies and the reasons why people sell theirs, we've provided some insightful information on the subject.

Understanding the reasons for having a life insurance policy

As mentioned above, many purchase life insurance to protect themselves and their family.

In the unfortunate event that you pass away, your life insurance policy will help your loved ones pay any remaining expenses, such as mortgage payments and bills, as well as the funeral expenses. Your spouse and children will also receive financial support for future living.

In addition to protecting your personal interests, a life insurance policy can also be used to help your business. If you die and were integral to the operation of the business (owner, for instance), your life insurance policy could protect it from financial loss, liability, or instability.

If you were to develop a serious illness unexpectedly, a life insurance loan could also provide you with financial support (you can borrow the cash value that you've accrued over the years); however, these loans are considered too risky by most and often land people in debt sooner or later.

Why people decide to sell their life insurance policy

The reasons for dismissing a life insurance policy vary based upon each individual's needs and circumstances. Usually, a person will decide that the policy is unnecessary to their current situation and lifestyle. Below are a few possible reasons for selling your life insurance policy:

• Your financial situation has changed and the policy is no longer affordable
• You are ill. Selling the policy provides necessary funds to cover financial expense
• You need cash to afford an alternative means of healthcare

Determining how much your policy is worth

One common question people ask when considering selling their life insurance policy is, "How much is my policy worth?" Most companies send an annual statement to their customers, but you can also find out by contacting the company to request the exact cash value of your policy. Or, you can fill out our no-obligation evaluation, to find out how much your policy is worth.

How to go about selling your life insurance policy safely and effectively

Because selling a life insurance policy is a major financial move, it's in your best interest to seek an expert to help you. Asset Funding Corp helps you sell your life insurance policy quickly and conveniently. We provide you with an application form to fill out (no fees apply) and once we receive it, we gather the medical and insurance information, and offer the highest settlement payoff. If you accept the offer, we buy the insurance policy and you receive the funds. We also don't require a minimum policy value amount in order for you to qualify. 

Medical Bills Piling Up? Get the Funds in Ways You Haven't Imagined

When medical bills start to pile up, the idea of paying them can seem like a daunting mountain to climb. If you’ve found yourself in some major medical debt due to a life-threatening illness, there may be more options than you recognize. Never fear! There may still be hope, regardless of how high that mountain is.

Crowd-Sourcing Websites

Crowd-sourcing websites have become a very popular way to fund projects for all sorts of things. Just a simple search of Kickstarter will yield results of some pretty varied things that people can invest in. In much the same way, crowd-sourcing websites with charitable purposes have sprouted up all over the Internet. Sites like The Chive Charities have had extraordinary success, not only meeting their goals, but also exceeding them by a lot.

Viatical Settlement

When you have a life insurance policy, you may not think of it very much. For most people, it’s the furthest thing from their mind, but if you have a life-threatening illness, it may be the one thing that can keep you from crippling debt. A viatical settlement allows a policyholder to sell off their insurance policy for a percentage of what the payout would be. The policyholder is then able to receive a lump sum and can use that to pay for their medical bills.

Grants

If you’re in need of money for medical treatments, it can be a good idea to reach out to local charities and non-profit organizations that may be able to help you. For example, if you have cancer, you may be able to receive a grant from the American Cancer Society in order to fund your procedures.

Charities

A lot of people may see taking charity as a sign of weakness, but if you’re in a desperate situation, there may be no better place to turn. Charity organizations are usually set up to help those with specific needs and even local churches may divert some of their funds to helping parish members in need. It doesn’t hurt to ask and a well-written letter can do wonders.

Finding a way to pay for your medical bills can be difficult, but there are definitely options to be found. You just need to know where to look.  

Living with Cancer: Beyond the Diagnosis

A cancer diagnosis can be bad news, but nowadays, it's not necessarily a death sentence. With modern medicine constantly advancing, cancer survival rates continue to improve. That being said, there are certain truths that emerge from a cancer diagnosis, from the physical to the financial.

The Treatments can take their Toll

It's almost a cliché at this point, but they say that the treatment of cancer can almost be as bad as the cancer itself. That's because certain treatments can be painful and traumatic in their own right. Nausea, diarrhea, constipation, sores, pain, and fatigue are all possible side effects to chemotherapy, for instance. These side effects can be intense and can actually scare off some patients. Though this treatment is a mountain to climb, chemotherapy still remains one of the most effective methods of treating a wide variety of cancers.  

The Procedures can be Expensive

Cancer treatments are pretty advanced and, if surgery is required, can be pretty invasive. On top of this, they may span months or even years, while the patient continues to rack up debt. Before long, surviving the bills is almost as difficult as surviving the diagnosis and treatment. 

Affording care is not a hopeless endeavor, however. Financial help for cancer patients is available in several forms. Charity and non-profit organizations are there to help certain causes. If that's not an option, there are opportunities for people with life-threatening illnesses to sell off their life insurance policies for lump sums. 

Remission is Not Necessarily the End

While "remission" is a word that every cancer patient hopes to hear (and sooner rather than later), it doesn't necessarily mean that they're completely out of the woods. Remission simply means that the cancer symptoms have ceased. Doctors are usually hesitant to label cancer "cured," as it's nearly impossible to predict whether the disease will return. But with each passing year that a person stays in remission, there is hope -- as it continues, the chance of relapse decreases. The key to cancer survival after a remission diagnosis is regular checkups to monitor progress. 

A cancer diagnosis is the first step in a long journey. For those about to embark on it, it's best to familiarize themselves with what lies ahead so that they are prepared mentally, physically, and financially. 

How to Sell a Life Insurance Policy

At some point in time or another, many people are approached about purchasing life insurance policies. Most opt to get them because they want to make sure that their families remain financially stable after their death. However, if life hits you with a life-threatening illness, selling your insurance policy may be all that stands between you and crippling debt or worse.

After all, when you face an illness, there are many factors to consider. Ask yourself the following questions:

• Will you need extensive treatment to combat the disease? 
• Will you require any expensive medications? 
• Will you need a wheelchair, a handicap-friendly vehicle or any other equipment?

• How much will your insurance pay for? 
• Will you be able to work with the illness?
• If not, will this affect your ability to handle normal expenses (e.g. groceries, car payments, mortgage payments, etc.)?

If the answers to these questions have you in a panic, you should consider the possibility of selling your insurance policy. Here are a few of the steps that you will need to take in order to do so.

Have the policy appraised.  This will tell you the value of the policy and what it will sell for. While some people will claim that you aren't getting your money's worth by selling ahead of time, the reality is that you are surrendering the policy for a much higher rate than the cash value that you would receive from the insurance company. If you have an illness that entails a lot of expenses, chances are you would run out of money and let the policy lapse anyway. At least this way you get a significant amount of money for it.

Locate a buyer.  Once you know the value of the policy, it’s time to find a buyer. This is the person (or company) that will take over the monthly premiums of the policy and become the benefactor when you, the original owner, pass. It is important to note that when you sell your policy you are not cancelling it -- you are simply switching who owns the policy and who will be responsible for maintaining the payments. 

Talk to someone.  Since selling a life insurance policy is a huge financial decision, it is important for you to talk to a financial advisor or other expert about it. An expert will help you determine whether this is the right course of action for you, so that you can confidently say, “I am going to sell my life insurance policy.” Also, it is important to talk to your family about the decision and so that they understand why you are selling your policy and what it means for them. Your family will undoubtedly be supportive of any decision that helps you get treatment and live a comfortable life. 

Strapped for Cash for Your Treatments? Get Help

If you have a life-threatening illness, the last few years can't have been easy for you. Even though the media is claiming that the economy is slowly bouncing back from the recession, many people aren't out of the woods yet -- and if you are suffering from a serious illness, you're probably one of them. If you've finally reached that place where you're not sure how you will pay for your next treatment or mortgage bill, don't despair! Here are a few ways that you can get the funding you need.

• Viatical Settlement – People with an active life insurance policy may have the option of selling it for cash so they can fund everything from their cancer treatments to their trips to the grocery store. The way that this settlement works is that the holder sells their policy to a third party in exchange for cash. The third party then becomes the new owner of the policy and takes over paying the monthly premiums. The great thing about this option is that people are able to get the much-needed cash in their hands quickly.

• Sell the Home – If a person owns a home, it may be time to find out how much equity they have in it. If they’ve been in the home for a decent amount of time, selling it at a fair price will probably bring a large amount of money their way. Real estate experts say that the homes that sell the quickest are the ones that are priced to move. Once the home is sold, it’s smart to move in with friends or family until everything is settled.

• Garage Sale – Yard sales are an effective way of earning money quick. Once people realize the severity of their financial situations, they are more willing to part with their personal possessions. They can also ask family members and friends if they have any items to donate to the sale so that it generates more of a profit. If enough people were willing to donate, the sale could be turned into a neighborhood-wide event. 

When people have life-threatening illnesses, they have to be willing to think outside of the box to make ends meet. Selling one's home, having a garage sale or opting for a viatical settlement are just some of the ways that people can ensure that they have the funds they need for care and day-to-day expenses. 

How to Get Extra Cash for Cancer Treatments

The cost of cancer treatments can put a huge burden on a patient and their family. Some people think that as long as they have health insurance coverage, that they won’t have any additional out-of-pocket costs. Unfortunately, this is often not the case and there are additional hidden costs that must be paid by the patient. Further, many patients undergoing treatment are unable to work and lose their income. Below are a few ways to obtain financial help with treatments, daily living expenses, and any else that is necessary.

• Viatical Settlement – Cancer patients may have the option of selling their life insurance policies for cash so that they can have money for anything that they need while working to treat the disease. This type of settlement was used a great deal during the height of the AIDS epidemic in the late 1980s and early 1990s. Through viatical settlements, people with AIDs were able to get money for their care when they had nowhere else to turn. In this type of settlement, the patient sells their policy to a third party for cash. The third party then becomes the new owner of the policy and takes over making the monthly payments.  

• Fundraise – The family and friends of the patient can hold a fundraiser to help pay for the overwhelming medical costs and living expenses. There are a variety of standard fundraisers that have proven successful, but it’s always best to personalize the event. If the cancer patient belonged to a bowling league or golf club, put together an event at that establishment. Bowl-a-thons and golf outings are great fundraising opportunities that would likely attract many donors. Remember to always plan an event that will be meaningful for the patient.

• Temporary Assistance for Needy Families (TANF) – This program is designed to aid families that require extra support, services, and money to achieve self-sufficiency. This organization may be able to provide temporary assistance for cancer patients for things like groceries and other household essentials. People diagnosed with cancer that are having a hard time keeping up with bills are encouraged to reach out to this organization.

There are several ways to get financial help for cancer patients. Whether through a viatical settlement or a bake sale, the money will help the patient afford both their care and normal expenses. 

What Illnesses Qualify For a Viatical Settlement?

While the idea of receiving a cash payout for your unneeded or unwanted life insurance policy can be appealing to many, not everyone is always eligible for the benefits of such a sale.  Since a viatical settlement is the process of where a person with a life-threatening illness can turn their existing policy into cash by transferring and selling the rights to another party, the question arises: what qualifies as a life-threatening illness?  While cases may vary, there are some basic illnesses that are generally considered.  Take a look below.

• Different forms of Cancer

Cancer is almost always considered a very serious illness. Whether you are diagnosed with breast cancer, liver cancer, lymphoma or prostate cancer, the treatment for these illnesses can cost heavily at times.  Facing the seemingly impossible obstacle of both being able to work and take time in order to treat the illness, those with cancer do have the option of seeking a viatical settlement.  Financial help can ease one's mind, help to eliminate stress and get you the medicine you need to fight the disease 

• HIV/AIDS

The viatical settlement movement first started in the 1980's during the AIDS epidemic.  The industry has branched out to offer buyouts for other severe illnesses as well, but HIV/AIDS is still a qualifying illness. AIDS is now the 5^th leading cause of death amongst individuals in the USA from ages 25 to 44.  The costs of medications to treat it range anywhere from $60 to as high as $15,000; a viatical settlement can be the key to getting the treatment that you need.

• Lou Gehrig’s Disease (ALS)

Amyotrophic lateral sclerosis is often called Lou Gehrig’s Disease is aggressive neurodegenerative disease that affects nerve cells in the spinal cord and brain. Those who suffer from the disease know there is no known cure or effective treatment besides medication that slows the progression which is costly. When considering the option for a viatical settlement, you could help fund research for more treatments or simply to reduce the stress of buying the medication you need.

Contact Asset Funding Corporation at (800)542-9513 to discuss the possibilities of selling your life insurance policy, and to answer any questions you may have.

Natural Foods that can Help Fight against Cancer

Since our bodies largely depend on the foods that we eat, it is important that we consume products that are beneficial.  When it comes to fighting off cancer or preventing it in the first place, there are specific items that could be considered "superfoods" in the fight against cancer.  Take a look at this intriguing list below:

•          Garlic

Garlic contains tryptophan, selenium and certain sulfur-based active agents that will attack cancer cells.  Consider taking several cloves of garlic a day; peel and wash a clove and mince it.  Swallow the minced pieces with water, much like taking a pill, and you will be doing your body a significant service.

•          Broccoli

Dark, leafy green vegetables in general help to eliminate toxins in the body.  Broccoli itself contains something called sulphorophane, which helps to fight against cancerous stomach tumors.  Cruciferous vegetables such as broccoli also contain indoles, which aid in fighting off cancers of the breast, prostate and so forth.

•          Brazilian Nuts

These types of nuts contain selenium, which is very potent in fighting against cancer.  You only need to eat a handful a day to get your daily dose, so consider these for your next grocery trip.

•           Carrots

Containing beta-carotine, which is a cancer carotenoid, carrots should be a daily part of your diet.  In fact, carrots and apples juiced make the perfect drink to fight against cancer, as well as promote a healthy body.

•           Tomatoes

Tomatoes contain lycopene, which is an active ingredient in fighting off cancer cells.  It has been recorded as being very influential in the fight against colon, lung, cervix and breast cancer.  Eat several helpings a week at least for the full effect.

Ultimately, when dealing with a serious long-term illness, there may come a point where time is needed from work in order to treat and work on the situation.  During that time period, it is important to consider your financial situation.  If you find yourself in need of cash, and are looking into financial help for cancer patients, consider a viatical settlement for a cash payout.  It could make the difference for your life financially, and help you when you need it most.  

Introducing the New SellYourInsurance.com

The new and improved design

SellYourInsurance.com has recently changed its website’s design in the hopes of making the site more user friendly.  Check out our updated home page that is a cleaned up version of our 2013 design. There is now more focus on the menu bar where you can easily find what you are looking for.

By hovering over the Life-Limiting Illnesses drop down tab, you will be able to see pages with new content and information on illnesses such as Cancer, HIV/AIDS, and ALS/Lou Gehrig’s Disease. If interested in information on a specific type of cancer, click on Life-Limiting Illnesses to peruse the list on the right hand side of the site. If you are interested in hearing about others experience with SellYourInsurance.com, look at the Case Studies and Testimonials, which can be found under the About Us drop down.

The 2013 Design

Another focus of the redesign of the site was to offer more information concerning financial professionals. By clicking on the Financial Professionals tab, there will be links to different professions. These new tabs provide information as to why it is important for professionals to learn more about life settlement policies.

The Agents and Brokers page focuses on how to decide which clients may qualify for a Life Settlement as well as benefits for financial and insurance professionals. SellYourInsurance.com offers tips on how CPA’s can solve many planning goals as well as help their senior clients by turning to life settlement policies. The Estate Planners tab references the issues concerning the distribution of estates and due diligence in reference to the Life Settlement decision. Attorneys are facing more challenges in the field of life insurance, which is why Life Settlements should be considered as an option in order to meet clients’ wishes. Assisted Living Professionals should be aware of Life Settlements in order to help their residents and their families as well as the assisted living community.

We have joined the social media conversation by creating a Google+ page. Check out our page and follow us on Google+. There is a lot to learn from the new SellYourInsurance.com. Please contact us to voice what you love and what you think we could improve upon.

4 Reasons to Sell your Life Insurance Policy

Have you ever found yourself wondering whether or not you can sell your life insurance policy? The answer is "yes." Some people don't know that an insurance policy is considered property and, as such, can be bought and sold.

When a policy is sold, the term used to describe this action is usually "life insurance settlement." When the owner of the policy officially sells it, all the rights and responsibilities are transferred over to the new owner. That person is then responsible for making all of the premium payments until the insured person dies. When that happens, the beneficiary collects the full benefit amount.

But why would a person sell their life insurance policy in the first place? Some may think that it defeats the purpose of the endeavor, but there are many good reasons that people decide to sell. Here are some of the most common reasons explained:

To Pay for Medical Expenses – Many seniors live on fixed incomes and rising healthcare costs can create a financial burden. Often, Medicare doesn't cover all of the expenses, leaving seniors responsible for paying the difference -- something they may not be able to afford. Selling their life insurance policies in exchange for cash offers seniors (as well as people who have been diagnosed with illnesses) the opportunity to pay their medical debts and lessen the financial stress in their lives.

Policy is in Danger of Lapsing – If a person missed payments (and will be unlikely to manage them in the future) and the policy is in danger of lapsing, then selling the life insurance is a good option. After all, if the policy lapses, the owner walks away with nothing. It's better to just sell the life insurance policy and get something out of the deal.

Premium Payments are no Longer Affordable – Sometimes people's financial situations change -- people lose jobs, property taxes go up, seniors may lose some income, etc. In these cases, policy holders may no longer be able to afford to pay the premium, and selling the insurance may be the best course of action.

To Provide a Monetary Gift to Family Members or Charity – Sometimes people choose to sell their life insurance policies simply because they want to give money to family or charities while they are still living.

In these tough economic times, asking yourself the question "can I sell my life insurance policy?" doesn't seem like such an unreasonable thing to do. It's a great way to make money to pay down debt, and to unload excess stress and anxiety.

FAQ's for Selling a Life Insurance Policy

More and more life insurance policy holders are hearing about the concept of being able to sell their existing policy for a cash payout.  While there are plenty of opportunities available, there are still some aspects that everyone should be aware of; check out these common questions to get answers!

I'm 42 and in great health; will someone purchase my policy?

The standard answer to that question would be no.  The types of life insurance policies that are purchased are generally from those who have a serious illness.  The other group that would be considered are from senior citizens that are around 75 to 80 years of age and over.

How long does my policy have to be in effect?

A life insurance policy needs to be at least two years or older in order to be considered for purchase. 

What is the best way to sell?

There are different companies around that will purchase life insurance policies via intermediaries and other methods; however the most efficient and effective way to sell is with a company that deals directly with the customer. 

If I have further questions, whom should I speak with beforehand?

It is recommended to seek a reputable life settlement funder, or a broker if preferred, or speak to their insurance agent. Speak with your tax professional before proceeding may also be helpful, since by law, the companies that purchase life insurance policies do not have the ability to legally advise of anything within the process. 

If you are one of the thousands of individuals asking "Can I sell my life insurance policy?", hopefully these FAQ's helped you understand the process a little better.  If you are in need of cash, and have an unwanted life insurance policy, consider selling today.