April 30, 2020
You’re ready to start living in retirement. Congratulations, this is an exciting time in your life. But, you also have a few concerns. You’re looking into additional assets to ensure you can meet all your expenses while you’re no longer working. We understand.
With life expenses increasing, most seniors today need to tap into additional sources of income for retirement. So what are your options?
To help you navigate this process, we’ve broken it down in three steps.
Here’s a mini-guide on how to sell your life insurance policy and provide for your retirement:
While a life settlement sounds like a great idea, your first step is to find out if you qualify for this type of transaction. This step should be relatively fast and easy and something you can do over the phone or on the computer.
Ask yourself the following questions:
If you answered yes to all three questions, you might qualify for a life settlement. To find out for sure, you’ll need to contact a life settlement company and provide some of your information.
Tip: Make sure the company you work with is licensed and discloses all fees and commissions.
Once you determine that you qualify for a life settlement, the next step is to get an appraisal for your policy. An appraisal for a life settlement is the market value for your policy. This second step should also be relatively fast and easy.
Here are a few tips when getting an appraisal for your life policy:
With an appraisal of your policy, it’s time to make a decision. After all, you should never feel pressured to sell your life insurance policy. The goal is to make a decision that will give you peace of mind and help you pay your expenses in the long run.
Should you sell your life insurance policy? Ultimately, this decision is up to you or a trusted family member who is helping you with your financial decisions.
To help you make this decision, remember the following facts about life settlements:
With all the information at your fingertips, you can decide if a life settlement is the best way for you to access much-needed cash for your retirement. If you have any questions about this process, please contact us today.