When you retire you take time off to contemplate and enjoy your golden years, but in recent years where nest eggs have gotten smaller, loans are harder to get and home equity has vanished, many people are now opting to sell off their insurance policies. When you encounter a situation wherein you may have to sell your life insurance policy you may ask yourself, “Can I withdraw money from my life insurance?” and the answer to that is yes, you can; provided you are willing to give up all the benefits that your policy has.
People choose to sell their life insurance policies if they no longer want the coverage, or if they find it difficult to pay the premiums. In these transactions, third party companies, like Harbor life settlements, take over the premiums and collect the money when the insured person passes away. They take over the sold insurance and sell the policy to someone else who needs it.
In this article, we will go through the advantages that you as a customer will benefit from if you sell your insurance policy rather than surrender it.
Many people are not aware that they can actually sell their insurance policy; there is a misunderstanding that once you buy a policy you are stuck with throughout your life. But that is not true, your insurance is your property and it can be sold for a lump sum payment. When you sell your profit through a well-reputed life settlement company like Harbor life settlements, you will receive your payment within a less amount of time; the company will pay your premiums and also receive your death benefit.
When you retire or are about to retire, there are many circumstances that will lead you to sell your life insurance policy. They may be a death or divorce from your significant other or even the fact that your children don’t depend on your finances anymore. Even if your expenses are getting pricey and your current finances are not able to match them, this is also a reason to sell your life insurance policy.
By selling your life insurance policy to a trusted life settlement company, you can take care of your outstanding financial debts, pay off medical bills that are really expensive, enjoy your golden years stress-free, and make some wise investments.
When you are thinking about selling your life insurance to a life Settlement Company, it’s important to keep in mind the situation of your family. You need to take into consideration if they will require the financial benefits after you have passed away.
If your family does not require financial support, then a life settlement company is the right option for you. If you find that the premiums are getting harder to pay for then a life settlement is the way to go, as mentioned before, they will take care of the sale of the policy and provide you with the lump sum amount that you are owed.
When you sell your life insurance to a third party company, you will get quotes that are higher than the cash surrender value. This is one of the main advantages of selling your insurance policy, rather than, surrendering it. In recent years, policyholders tend to sell their insurance to life settlement companies rather than insurance companies.
Finding a trusted buyer can be tough and complicated. Life Settlement Companies, like Harbor life settlements, have experts that will help you find the best offer for your policy. Once you have decided on the buyer then the company will take care of the rest of the process and in due time send you the lump sum payment. All this will take maximum two weeks.
It is a safe option to go through a life settlement agency; they don’t charge for their services and are happy to help with their team of experts. Once you find a life settlement company that is trusted you can be assured that they will keep your information confidential and will only offer your policy to the buyer that is most suitable and qualified.
If you are currently in a state of financial distress, you may want to think about selling your life insurance policy. If you are thinking of acting on this decision, you will need to conduct a thorough research and seek a qualified and trusted life settlement company.