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Where do I go to sell my life insurance?

September 15th, 2010 | | Tags: , , | 4 Comments | |

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I want to sell my life insurance policy. I thought the web site was www.Redeemins.com but it did not come up.

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4 Responses to “Where do I go to sell my life insurance?”

  1. rcdrury Says:
     September 15th, 2010 at 7:44 am

    Contact a life settlement company. This is usually only a viable option if your life expectancy is no more than about 15 years, but it can’t hurt to see what kind of price you’re offered. Only surrender the policy if you can’t get a worthwhile settlement offer and you need the cash badly. Otherwise, it would likely be best to keep your coverage in place right now. The surrender value probably isn’t worth getting rid of the policy. You can also look into taking a loan against the cash value. You don’t ever need to repay the loan, and you can still seek a settlement down the road.

    If the policy is a term policy or a minimally funded universal life policy, a life settlement is your only option. Some settlement companies won’t allow settlements against term policies.

  2. Gaytheist Buddha Says:
     September 15th, 2010 at 7:44 am

    You sell it back to the company that sold it to you!

  3. jlf Says:
     September 15th, 2010 at 7:44 am

    You surrender the policy to the issuing company – if it has a cash value.

  4. Chris C Says:
     September 15th, 2010 at 7:44 am

    depends what country you live in. Some states and provinces don’t allow you to sell your policy to a third party unless that third party has insurable interest.

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