Why would I sell my term, universal, or whole life insurance policy?
Life insurance policies are settled for a host of reasons. No matter what your particular reason is, never let a policy lapse, never let a term policy conversion period expire and never surrender it before you have explored the secondary market opportunities. At Genesis, we will help you not only navigate the complex settlement market; we will ensure you have a truly professional experience.
Using your life insurance policy as a financial asset is still a relatively new idea. It is subject to much misunderstanding, urban legend and a variety of other biases. A typical question is, “What can I use the payment for?” The answer is: Anything you want.
Here are some of those common reasons a life settlement may be of interest to you:
- The life insurance policy is no longer needed or wanted.
- The premium payments have become unaffordable.
- Considering the surrender of the policy for cash surrender value.
- The term policy will not be converted to a permanent policy. The term policy may be converted and then settled.
- The policy is going to lapse.
- Change in estate planning needs.
- Insured qualifies for a new policy which is more affordable than the old policy.
- The policy is owned by a business insuring a key employee or partner and the business no longer needs the coverage.
- Financial circumstances have changed and there is a need for cash now to improve quality of life or cover expenses.
- Change in life circumstances (such as divorce or death).
- Opportunity to provide a gift to a family member or charity.
If you are thinking of selling your life insurance policy give Genesis Advisors a call.