Don’t Need Your Current Life Insurance?

Don’t Need Your Current Life Insurance?

If you have a life insurance policy that you no longer want, consider selling it rather than simply surrendering it to the insurance company. Sales like these are so common that they even have a name – life settlements. You could possibly get 2 to 3 times more by selling your life insurance policy than by surrendering it to the insurance company. There are hundreds of investors who might purchase your life insurance policy. You can find a list of them by going to google.com and typing in “life settlement”. Of course, it depends on your age, health, the type of policy, etc. (Keep in mind that the sale proceeds are not tax free, so set aside some of the proceeds for the income taxes. Consult your tax advisor.)

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