Selling Your Life Insurance Policy: How Does It Work?

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Retirement is a time that most people look forward to. The so-called olden years are for planning special events and spending time with loved ones. While planning can make retirement better, there are many things in life that you just can’t plan for. Circumstances change and you may find yourself in need of extra money or you may just outlive the need for life insurance. Everybody is different.

Before you start searching “How to sell my life insurance policy,” it would probably help to learn a little about the process. To get more information on the potential value of your specific policy, contact Abacus Life. You can reduce monthly expenses and get a lump sum of money to add to your retirement nest egg in the process. Use it to invest, complete activities on your bucket list, or travel and spend valuable time with loved ones. The choice is yours. Here’s a little more about the process.

Apply and Qualify

The first step in the process of selling your life insurance policy is to choose a reliable investment company to work with. Then you will need to contact them and apply to sell your life insurance policy. They will likely ask you some basic questions about your health, contact information, and your life insurance policy. The company you choose to work with will want to ensure you qualify to sell your life insurance policy before making a legitimate offer.

Document Review

To ensure that you qualify, the company you choose to work with will likely ask you to sign some documentation. Most notably, they will need a release of information that allows them to gather your medical records along with information about your life insurance policy. They will need this information to verify the value of your policy as well as current premium payments along with other basic information. Many times, the length of this process will depend on your timely return of requested paperwork.

Offer and Agreement

Once all your information has been verified, the investment company may choose to make you an offer for your life insurance policy. Many companies pay an average of 20 percent of the death benefit, but you may get more depending on who you choose to work with. If you choose to accept their offer, you will likely need to sign additional paperwork indicating that you agree to the amount. You will also make final arrangements to change the policy owner and ensure everyone is in agreement.

Call Abacus Life Today

When you choose to “sell my life insurance policy” to an investment company, you can often reduce monthly expenses and add to your retirement nest egg simultaneously. The process is simple and easy. You can use the additional money to travel, participate in special activities, or just spend quality time with the people you love. Rather than searching “sell my life insurance policy” on Google and getting hundreds of results, call Abacus Life today and choose to work with an experienced reliable name in the industry. Selling your life insurance policy can be an easy and convenient process that makes your life simpler and nets you a lump sum of money in your golden years.

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I am Jessica Moretti, mother of 1 boy and 2 beautiful twin angels, and live in on Burnaby Mountain in British Columbia. I started this blog to discuss issues on parenting, motherhood and to explore my own experiences as a parent. I hope to help you and inspire you through simple ideas for happier family life!

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