You don't have to die before receiving cash on your life insurance policy. During trying economic times, continuing to pay premiums on life insurance policies can be difficult. Because of this, some life insurance policy owners consider selling their policies in the open market in exchange for needed cash.
At the forefront of the buying is Wallstreet with their ever resourceful securitization tactic, but only this time it's with life insurance policies. They are essentially buying bundles of life insurance policies, packaging, securitizing, and re-selling them to investors worldwide.
Some reasons for wanting to sell your life insurance policy may include:
- Premiums are unaffordable,
- Threat of policy cancellation is imminent,
- Need cash and have nothing else to sell,
- Cash is needed for medical treatment not covered by your health insurance,
- Cash is needed to fund long term health care needs,
Some issues you should be aware of if you sell your policy include:
- Your policy will be owned by a stranger who will probably re-sell your policy making it nearly impossible to find out who the owner is,
- You may be contacted numerous times until your death by different owners of your policy inquiring about the status of your health,
- Since the policy will remain in full force and effect, it may become difficult to purchase new life insurance in the future,
- Income implications, especially if you are on government paid programs such as food stamps, Medicaid, housing vouchers and other programs that may cause you to become ineligible,
- Tax implications since the funds you obtain will be considered taxable income.
Before accepting the first offer you receive on your life insurance policy, try and obtain at least three (3) bona-fide quotes from reputable companies.
If your life insurance claim has been denied, rejected, delayed or underpaid, we can help.
You can reach Miami Life Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email J.P. directly at [email protected].