Retirement is supposed to be the time of your life that you spend enjoying and relaxing. Many people choose to travel or complete activities on their bucket list. Unfortunately, det can pile up and prevent people from living out their golden years the way they would like to. If this has happened to you and you have carried a life insurance policy, you may have some great options to help you get out of debt.
Many people choose to sell their life insurance policy to an investment company like Abacus Life. If you have a life insurance policy that you no longer need, contact us today to see how we can help. A lump sum of money can open a world of possibilities during your retirement. Whether you just need to add to your nest egg, want to pay off debt or have a special trip in mind, selling your life insurance policy can make it happen.
Here’s what you need to know, or you can contact us for more information.
Reduce Monthly Expenses
When you enter retirement, it is critical that your monthly expenses are affordable. They may have been at one time, or your circumstances may have changed since you retired. Either way, reducing your monthly expenses can help ensure that you can live comfortably through your golden years when you have less income.
One way to reduce your monthly expenses is by selling a life insurance policy that you no longer need. Many times, people outlive the need for life insurance. Rather than surrendering the policy, you can sell it to an investment company. When you do, you will be able to add to your nest egg and reduce your monthly expenses at the same time because you will no longer be responsible for premium payments.
Lump Sum Payment
When you choose to sell your life insurance policy to an investment company like Abacus Life, you receive a lump sum of money that you can use immediately or add to your nest egg. This is a much better option than simply surrendering your policy and not receiving any money for it. The value of your life insurance policy likely varies based on a few factors.
The face value of your policy and the company you choose to sell to will dictate how much your policy is worth. The industry average is around 20 percent of the policy’s face value, but some companies may pay a little more or a little less. For instance, a $100k policy will likely net you around $20k. This additional money can be used to eliminate debt and reduce expenses.
Call Abacus Life Today
If you have a life insurance policy that you no longer need, you may be able to sell it and get out of debt. When you sell your life insurance policy to an investment company, you receive a lump sum payment. That additional money can be used to pay off debt. Your monthly expenses are automatically reduced because you are no longer responsible for the premium payments. If you are interested in eliminating debt and adding to your retirement nest egg, call Abacus Life today to review your options and see how much your policy may be worth.
