Why would someone want to sell their life insurance policy?

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As people age, many things begin to change. Whole life insurance is one of those ever-present items you have depended on over the years, the time may come when you realize you no longer need your policy. If that is where you are and you are asking yourself, “Why sell my life insurance policy?” then the answer may surprise you. 

You have paid the constantly increasing premiums for years, and now you can get some of your money back by selling your life insurance policy to Abacus Life. It’s a much better option than simply letting the policy cancel out, and it offers more benefits for everyone involved. If you haven’t had the “Why sell my life insurance policy?” conversation with your spouse, then this may help you out. 

Here’s what you need to know about selling your life insurance policy, especially to Abacus Life and why it just may be the greatest idea you ever had. 

Cut Your Current Expenses

One of the most common reasons for selling a life insurance policy is to reduce current expenses. If you are healthy and find that you no longer need the death benefit provided by your life insurance policy, you can cut your current expenses by eliminating that monthly premium payment. 

If you have built up a nest egg over the years and you have money set aside to cover funeral expenses, then a life insurance policy is overkill. When you eliminate it, you also free up money that would have been dedicated to paying monthly premiums. 

Liquidate Cash for Retirement of Debt

If you find yourself in need of some quick cash for something important, you can rid yourself of that life insurance policy you’ve been sitting on for years. Many people do not realize that a well-funded life insurance policy is an asset. While you typically cannot borrow against it, you can sell it for some quick cash, and it’s probably worth more than you think. 

Use the influx of cash to fund your retirement strategy. The money that would have normally gone towards premium payments can now be used for bucket list activities or retirement hobbies. You won’t feel the pinch because it is money you were spending anyway. 

Help Your Kids

Everyone must help their kids out occasionally and it isn’t always a bad thing. Perhaps you want to help your newlywed son or daughter get into that starter house for their newly growing family. Perhaps they need help with grad school expenses. There’s no limit to the way you can help your kids financially. 

Selling that life insurance policy can make it an easy decision that doesn’t financially squeeze your pocketbook. You’ll probably have some money left over, and eliminating that premium payment doesn’t hurt either. You’ll feel great about being able to help, and you’ll be in a better place financially.

Consider Selling Your Life Insurance Policy Today

If you’ve been contemplating and asking yourself,” Should I sell my life insurance policy?” then you probably should. If you have built up a nest egg and no longer need that death benefit offered by your life insurance policy, then it is just funneling money out of your budget anyway. You can cut your current expenses by eliminating the monthly premium payments, liquidating some fast cash for retirement or other important expenses, or even helping your kids financially. It’s easy to call and get a quote to see how much your life insurance policy may be worth. If you’ve been thinking of selling your life insurance policy, then you probably should. Call a reputable investor like Abacus Life today.