Selling a Life Insurance Policy
I have a $250k term life insurance policy that the premium goes up every year ! The premium is getting cost prohibitive !
What’s your input on “Selling” the policy to a company that purchases Life Insurance policies ?
Terry Says
So what you’re really doing is giving someone else a “call option” on your life insurance policy. They will be setting a price based on your age and promising to keep paying the premiums, in hopes of a payoff. And they will be hoping you will die sooner! Sorry, but that concept has always made me superstitious and squeamish!
There is little cash value to a term life policy. YOu can get quotes as to what various companies would pay you. But it’s never enough. (Who do you think pays for all those commercials?!)
On the other hand, maybe getting a very little bit of cash is worth knowing that someone out there wants you to die ASAP!
And all this assumes, your beneficiary doesn’t still need the death benefit.
