Each year in the US upwards of 1,000,000 seniors lose more than $112 billion because they allow their unwanted life insurance policies to lapse. Maintaining these policies is not compulsory, however, many people over the age of 60 continue to pay expensive premiums even though they could benefit better from using their cash in a different way.
It is possible to sell your unwanted life insurance policies for a large cash settlement, this type of arrangement is sometimes referred to as a life settlement. In the past, life settlements have been a prolonged procedure that can be time-consuming and off-putting. These days, companies like Mason Finance offer a fast and efficient service that can be up to 12 times faster than the industry standard.
For the average person, selling a life insurance policy can lead to an upfront cash settlement of up to 20% of the complete policy size. That is potentially a huge lump sum as you can sell a life insurance policy worth over $50,000 in face value, money that you otherwise may not ever have access to. These life-changing sums could be available to any life policyholder right now, so if you’re considering cashing in your current policy, consider these four ways seniors can benefit from selling their unwanted life insurance policies below.
Cover Medical Expenses.
Unexpected or sudden medical bills can be expensive. In fact, in America, the average healthy couple will spend upwards of $377,000 on health care during their retirement. You can help ease the cost of any future medical expenses by selling your life insurance policy, giving you peace of mind.
Improve Quality of Life
By eliminating premium payments and receiving a large cash settlement in exchange for your life insurance policy means you will much better off each month. When you consider an estimated 25,000,000 Americans over the age of 60 are living within or below the poverty level, this money can vastly improve your quality of life.
Enjoy Leisure Activities
It is a surprising statistic that 60% of retirees overlook budgeting for leisure activities when planning their retirement fund. As a result, many seniors can’t enjoy retirement to its full extent. Selling your life insurance policy can provide you with the extra cash you need to be able to partake in the more rewarding things in life like travel and visiting family and friends.
Boost Cash Savings and Achieve Greater Financial Security
As you can sell your life insurance policy for a large cash settlement, as well as ridding yourself of monthly premium payments, doing so will both boost your cash savings and provide you with greater financial security. Financial security in later life can allow you to enjoy life to the fullest and live more comfortably. If you already have healthy financial security, you could use the extra cash to treat your family.
Visit Mason Finance for more information about how you can sell your unwanted life insurance policy today, and start enjoying a worry-free retirement.