Did you know that only a small percentage of life insurance policies result in a death benefit? Many consumers are unaware that selling your life insurance policy could prove to be the most profitable outcome for you. Have you thought about what you could do with money from selling your life policy? Whether you want to help your family with financial obligations, plan ahead for your future, or simply live your life to the fullest, there are several reasons to sell your life insurance policy. Below are some things you may not know you could do with your policy.
Relief from Medical Bills
Medical expenses can derail even the most organized personal budgets especially for those in retirement. Over 30% of American workers not only have medical debt but have defaulted on it as well. In addition to paying off medical bills, many seniors incur expenses for in-home care. Whether you or your loved ones are struggling to make ends meet due to medical bills, you can quickly pay off expenses incurred by selling your life insurance policy.
Help Your Family with College Tuition
College tuition costs have never been higher, and with such a competitive workforce, a college education has never been more essential. Are your beneficiaries financially covered for college? Waiting for your death benefit to afford to help your beneficiaries does not make sense when they need the help now. Selling your life policy could be the difference between your grandchildren affording the school they have worked so hard to get accepted into, as well as their futures.
There is no greater relief than knowing the roof over your head is paid for. Paying off a mortgage reduces your monthly bills significantly, greatly assisting with retirement bills making retirement more affordable. Paying off a mortgage with your life insurance policy has benefits and could be a better financial decision than taking a reverse mortgage.
Reduce Retirement Costs
It is recommended that adults put aside 15% of their earnings towards retirement. Unfortunately, not everyone can set aside that much of their income for retirement. However, selling a life insurance policy could be an excellent way to supplement retirement costs and remove the burden of your care from your loved ones. In the US, approximately seven out of every ten seniors will require long-term care. Senior care costs vary by location and need, and on average, in-home care can cost about $4,400 a month. Residential care facilities and nursing home costs can range anywhere from $7,500 to upwards of $10,000 a month. With long-term care costs escalating over time, it can become quite a burden on seniors and their families. By selling your life policy, you can contribute those funds to your long-term care or pay for a long-term care policy, eliminating a lot of undue stress for you and your family.
Create an Emergency Fund
Whether you have a dream of sailing around the world or simply having more financial freedom, cashing out your life insurance policy can provide you with the freedom to use the money any way you see fit. Life has a way of throwing curveballs no matter how well we try to plan our finances. By getting access to your life insurance policy’s value now instead of giving your beneficiaries a death benefit, you open up opportunities to improve your life and the lives of those you love most now while you are here to see it. You never need a specific reason to cash out your life policy. Perhaps you simply want to create an emergency fund to pay for things as you may need them. Speaking with a life settlement expert from MRE Finance, you can ensure you are making the best decision for yourself and your family.
Travel with Family
Taking your loved ones on exciting trips to see the world may sound too good to be true, but it does not have to stay that way. Turning this dream into a reality can become easy to do by selling your life insurance policy. We all know how precious time is, and what better way is there to spend it than exploring the world with those closest and dearest to you. Depending on the value of your policy, you could take your family on a safari or to Disney World. Maybe you never took your dream vacation, or you would like to relive your honeymoon. No matter the reason, traveling is one of the most rewarding experiences a person can gift someone or even to themselves.
Buy a Vacation Home
Maybe you have already paid off your mortgage and you are looking for a vacation home to enjoy with family or friends or go on extended vacations. Perhaps you have already traveled the world and are looking for a quieter getaway. Whether you prefer soaking up the sun at a beach house or getting cozy in a cabin, selling your life insurance policy may give you the financial resources to choose the perfect location to relax and enjoy your family and friends. Another benefit of owning a vacation home is that it can turn into a source of rental income when you are not spending time there.
No matter what the reason, selling your life insurance policy can bring you and your loved ones a new sense of financial freedom and stability. By selling your life policy, you have the freedom to do what is most beneficial to you. Not sure if selling your life policy is the right move to make? From valuing your policy to assisting you with the process, our dedicated team of experts is ready to help you.