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By Jim Miller
Savvy Senior 

How to wisely Get Cash for Your Life Insurance Policy

 

March 14, 2018



Dear Savvy Senior,

I have a life insurance policy that I’ve been paying on for years that I really don’t need any longer. I’ve been thinking about letting it lapse, but I’ve heard that I can actually sell it for a nice payout. What can you tell me about this?

Interested In Selling

Dear Interested,

Selling a life insurance policy, even a term life policy that you don’t want or need any longer – a transaction known as a “life settlement”—has become a popular option among retirees in recent years that could use some extra cash. Here’s how it works.

A life settlement is the sale of an existing life insurance policy to a third party company for cash. Life settlements are...



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