Steve — you’re right on target age wise… to sell your policy for serious bucks. A lot of boomers, seniors, are actually educating themselves online (not an easy thing for many older folks) and are indeed selling a life insurance policy to help pave the way for a much better retirement. They’re fed up getting over-charged every month by their life insurance company – after working hard all their life, winding down on expenses, down-sizing a bit… Convertible term and universal life policies can be sold for a lot of money. Motivated seniors, retirees, baby boomers – to escape their insurance company sending them a letter telling them uh-oh, too late to get anything for surrendering their life insurance policy. Possibly to pay for a nursing home or to add cash to a retirement nest egg. Oldsters frequently ask their financial advisor, “Can I sell my life insurance policy?” and “How do I sell my life insurance policy for cash?” or “How do you start the process for selling your life insurance policy for cash?” Selling a life insurance policy for cash is, for most seniors, a critically important move, at a crucial stage of their life, where they don’t have forever ahead, where one needs to make the most of one’s time…to make the most of every day, of every month, every year. You know what I mean? You’re not 23 any more, and time really counts. And wasted time you never get back, whether it’s an hour or a year… it doesn’t matter. It’s wasted time. And as we get older, in our late 70s and 80s and 90s, I hate to say it, but our options get more and more limited. For example, we don’t have the seemingly countless options and opportunities to make a lot of money – that we have when we’re in our 20s and 30s or even 40s, 50s and 60s. So we have to make the best of it at every turn. One option we do have is, for example, selling a universal life insurance policy, or a convertible term policy (if we’re over 70) – and after we figure out who are the companies that buy your life insurance policy… and learn about the advantages of selling your life insurance policy – we can go about selling a life insurance policy like that with an experienced life settlement company. Seniors these days are as Internet savvy as anyone, and tend to research high end online sources to get relevant data from websites like www.einsure.com, or www.insurancejournal.com, or AARP, or even an boutique life settlement company like www.harborlifesettlements.com. Clever boomers, retirees, seniors will call up a company like that and hit the bottom line right off the bat – they’ll ask, “How do I know how much my policy is worth!” or “Who purchases life insurance policies!” or “Who are companies that buy your life insurance policy! I need to know right now!” Solid research on the phone and online is, in my opinion, how you go about figuring out how to start the process of selling a life-insurance policy in a safe, smart manner… How to cash out a life insurance policy – to get as much money as possible from a life insurance cash out transaction, to finally stop wasting good money after bad on inflated premium prices that insurance companies are charging people in their 70s and 80s and 90s – without any conscience at all Don’t those life insurance VPs and CEOs, accountants and lawyers have aging mothers or fathers? Or grandfathers, or grandmothers? Seriously. How would they like some insurance company sharks to be squeezing their elderly relatives out of their life savings, basically forcing them to decide every single month whether they’re going to pay for horribly over-priced but critical medicine they must have… or to pay their life insurance premium! What a choice! Selling a life insurance policy, for many older people, is frequently a life-and-death matter. I think it makes sense to try to put a stop to that struggle – and, instead, sell your life insurance policy for cash now – and put some real money in the bank for a change! Hey, if you could get up to 40% of your universal life or convertible term life insurance policy in cash value, that is literally 4 to 10 times as much as the miniscule payment you get from the insurer if you surrender your policy to them – you’d be pretty dumb not to do it, wouldn’t you? And you’d get a happy answer to that classic question, “Can I sell my life insurance?” or “Can I sell my life insurance for cash now?” Plus a nice pile of cash in 2 or 3 weeks that could really change your life. For me, it’s a no-brainer.

Hi Dave – I don’t know your personal financial situation, but this arrangement will definitely benefit the insurance agent, but not necessarily you and you wife. Please meet with a financial planner (one unrelated to the insurance agent) to discuss if this is really in your best interest. $12,500 is a lot of money to pay for a policy that will be worth no more than $125,000 in ten years.

Who’s getting the deal, bad or good?

Given the complexity of your situation, I suggest sitting down with an agent or representative and going over the options and limitations in some deep detail. I can’t address your situation in a web comment. Sorry!

Well said Steve!