Can You Sell Your Life Insurance Policy?

Life Insurance is a sensible policy to ensure your survivors will have adequate savings if you are no longer around to provide. However, in some instances, you may decide you no longer need the coverage and may be interested to learn that you can sell your life insurance policy.

A life insurance policy can be a valuable investment and insurance product. Because it is considered an asset, it equates to cash or monetary value. The value of this can be significant enough to consider selling a life insurance policy.

What is a Life Insurance Policy? Life Insurance guarantees the policy owner of financial assistance in the form of death benefits. Even when the policy owner dies, the named beneficiaries can claim the policy’s face value or death benefit.

Term Life Insurance Policy

Term life insurance will last for only a certain number of years, commonly among the following choices: 10, 20, or 30 years. When choosing a term life insurance policy, you must balance affordability and long-term financial strength.

3 types of term life insurance policies that can suit your needs – A decreasing term life insurance is renewable, but the catch is that the policy coverage will decrease over time at a predetermined rate.

– Convertible life insurance, as alluded to by its name, allows the owner to turn a term life insurance policy into a permanent insurance policy. – Renewable term life insurance will allow you to renew your policy but with an expected increase in premiums.

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