If you have been considering letting your life insurance policy lapse, and or just cancelling the policy all together, you should heed my warning. Read this post first! They're a multitude of reasons as to why you should not let your policy go, primarily financial. You may be able to obtain a far more favorable cash offer on your policy.
That's right. Did you know that you could get up to four times the cash surrender value by completing a life settlement? You may be thinking "Yeah, but there are probably some really stringent requirements that I must meet before I can complete a life settlement and sell my life insurance policy!" There are a few specific factors that must be met in order for one to be considered a life settlement candidate. First, you will want to make sure you are at least 65 years of age. Second, you want to ensure that your policy has been active for 2 years, this ensures that the policy is out of the contestability period. Typically, the investors want to ensure that your policy has a face value of at least $50,000; with most requesting policies in excess of $200k. If you meet the aforementioned criteria, than you should get a free policy appraisal. If you have paid money, for years and years, into the life insurance policy, and no longer need it; why should you get the short end of the stick?
Many times, we are unaware of our options, the reason why life settlements are not advertised on TV that much is that there is a few requirements that eliminate many of the potential candidates, meaning, many companies who advertise on TV will lose money. So if you are looking for a way to monetize from your unwanted or unneeded life insurance policy, consider completing a life settlement.
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