Selling Your Life Insurance Policy For Cash: A Guide

by Micheal M. I'm a professional Writer

Even though retirement is exciting because it opens up a whole new world of possibilities for you, it can also be very overwhelming. With expenses piling up quickly, and no regular wage to hedge against them, it’s understandable if you feel pressured to find a new source of income.

A lot of people even consider going back to work, or taking up side projects. But while this may take care of your expenses, it will also tire you out. Retirement is a time for reaping the fruits of all your hard work. Going back to work—even though it may keep you busy—will not give you the rest you need.

A largely overlooked option in this scenario is selling your life insurance policy in exchange for a settlement. Here’s a guide on how you can go about this:

What Does It Mean To Sell Your Life Insurance Policy?

Once you’ve decided that you’re going to sell your life insurance policy, you need to look at your options, and how the process will pan out.

Usually, the goal is to find a buyer who is willing to purchase your policy. There are two ways to do this:

· find one yourself, or

· contact a life settlement company or a broker who will either act as a middleman or buy it from you.

While the first option may sound enticing, choosing a life settlement or a broker is more likely to get you a better deal.

Another thing you’ll need to ensure is that you’re in possession of all the required documents; for example, your medical records and your insurance policy documents.

How To Sell Your Life Insurance Policy To A Broker

At Prosperity Life Settlements, the team makes sure to give you the best deal for your life insurance policy—if it qualifies.

Just collect the required transaction documents and leave the rest to them. First, they collect your medical records and your policy information. After the underwriting is complete, your file will then be sent to some of the top licensed life settlement providers in your state to see if they have any buyers for you.

Any purchase offers will then be returned to Prosperity Life Settlements and the company will negotiate them on your behalf to provide you with the highest cash return on your policy.

Once you accept an offer, the respective settlement provider will buy the policy from you, while you receive the funds to lead the retired life you’ve always dreamed of.

If you think that selling your life insurance policy may work for you, feel free to reach Prosperity Life Settlements at info@plsettlements.com for more information, or contact them via fax at (888)-881-1681 to get started.

If you want to know what your life insurance policy is worth, use their free life settlement calculator to find out.