It may be possible to sell your Term life insurance policy if you have very poor health or are terminally ill. Life settlement companies would want your Term policy to be able to be converted to Permanent insurance.
It is a good idea to talk to your family and to a trusted life insurance agent for other options, as well.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
Yes, you can.
First question: are you sure you don’t need it?
Think through the needs for life insurance you might have going forward. If it turns out that you do need coverage in 10 years, the price could be pretty high. And remember that your insurability is not guaranteed.
Next question: why not convert this term policy to a permanent product?
This way you can lock into guaranteed rates for the rest of your life. You can avoid having to go to market again and paying high prices. You can even put extra money into the policy and grow a cash account.
And, you won’t have to go through underwriting again.
Last question: how old are you? And how is your medical condition?
Life settlement companies frequently impose a minimum age requirement. They tend to also want to buy policies from people who are not in the best of health.
Make sure you do some good research in this area if you decide to go this route.
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It is a good idea to talk to your family and to a trusted life insurance agent for other options, as well.
First question: are you sure you don’t need it?
Think through the needs for life insurance you might have going forward. If it turns out that you do need coverage in 10 years, the price could be pretty high. And remember that your insurability is not guaranteed.
Next question: why not convert this term policy to a permanent product?
This way you can lock into guaranteed rates for the rest of your life. You can avoid having to go to market again and paying high prices. You can even put extra money into the policy and grow a cash account.
And, you won’t have to go through underwriting again.
Last question: how old are you? And how is your medical condition?
Life settlement companies frequently impose a minimum age requirement. They tend to also want to buy policies from people who are not in the best of health.
Make sure you do some good research in this area if you decide to go this route.