When thinking about the type of assets you have, most people focus on ‘cash on hand’, property, vehicles and material items with perceived value; however, did you know that your life insurance policy may be your greatest asset?
Let’s start by defining an asset. Typically, assets are defined as resources into which you invest hard-earned money. So, for example, when you pay the principal down on a mortgage, you are increasing your equity in the property and ultimately reaching your future goal of making a profit when it is time to sell. Assets, though, can also include financial investments such as stocks and bonds, savings or retirement accounts and life insurance policies. Assets are not only tangible items that you can see and hold. Assets include your life insurance policy’s value.
Why Should You Cash In This Asset?
In many cases, time is limited for exchanging your life insurance policy to extend benefits. In this case, selling your coverage may be the best option, especially if you need the cash. If your life insurance policy is nearing expiration, you have plenty of options, such as, first converting this asset to a universal or whole life policy before cashing in or selling in to a life settlement provider. What are the benefits of doing this? You avoid higher premium costs that typically occur when renewing a life insurance policy, and you receive a fair value for this asset.
Many individuals are not aware that, as an asset, their life insurance policies can be sold or divided. However, it is very possible to sell a portion of your policy, giving you the financial freedom you may need at the moment. Life insurance premiums are often a burden, especially when the premiums continue to increase as you age. If you are in immediate need of funds to pay off looming bills, care for sick family members, renovate a home or simply enjoy the freedom of having as much cash on hand as possible to enjoy retirement, selling your life insurance policy is most likely the best option.
If you’re interested in learning more about the process of selling a portion of your life insurance policy, we have the information, knowledge and the assistance you need.
How Do You Sell a Portion of Your Life Insurance Policy?
It’s always an option to sell or divide your life insurance policies, but most insurance companies don’t make this fact well known. Why? It’s simple, actually - they want to keep receiving your premiums each month. Why should you pay for this asset when you no longer want or need it? With Life Guide, we can walk you through the process of selling your life insurance policy and help you to cash in this asset.
The process is simple. First, we find a finance company willing to purchase all or a portion of your life insurance policy. Next, the finance company assumes your premiums and is given permission to collect benefits once the insured dies. Why is this beneficial? You are relieved from monthly premiums and receive the cash you need from the asset to live your best life.
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 an array of innovative solutions, including selling your life insurance policy if or when it’s no longer needed. Don’t miss out on the opportunity to cash in on your greatest asset. Contact us today to learn more about how we can assist you with your life insurance questions and concerns.