If you have reached a point in your life where you feel you could benefit from having extra disposable cash available to you, you have undoubtedly considered many options. Taking a part-time job, holding garage sales, etc, are great, however, they may not yield the considerable financial rewards you’re hoping for and may disrupt a leisurely retirement. Fortunately, there are other ways to boost your spendable cash in later life.
Many people are not aware that they can sell their unwanted or unneeded life insurance policies for cold hard cash. Instead of being tied up in a policy that you now deem unnecessary, you can exchange it for money which you’re free to use in any way you like. It is possible to sell your life insurance policy for up to 20% of the policy size in one upfront settlement – this is a potentially large cash sum for many people. This process is often known as a life settlement.
Does this sound intimidating or too good to be true? Ordinarily, selling your life insurance policy can be a long and drawn out process that can take up to six months to be resolved. However, with the public’s best interests in mind, companies like Mason Finance have developed a process to accommodate the completion of a life settlement that is fast, fair, and suitable for everyone. Specially implemented processes utilized provide a service up to 12 times faster than the usual industry standard – potentially leading to a large cash settlement in as little as seven days of the claim.
It may sound risky to sell your life insurance policy, however, over 1,000,000 seniors in the US allow their policies to lapse, leading to a shocking annual loss of over $112 billion for some policyholders. Although these policies can be a wise investment in younger life and while in full-time employment, in later life and early retirement many people would benefit greater from having a cash sum available to them instead. This is particularly demonstrated when you consider that over 25,000,000 Americans aged 60+ are living within or below what is considered poverty level. As premium payments for these types of policies can be expensive, we believe this is a situation that can be avoided for many people.
So, how can you benefit from selling your life insurance policy for cash? An estimated 60% of seniors in retirement under-budgeted, or didn’t budget at all, for leisure activities in later life. In addition, on average $377,000 is spent on medical bills between a healthy couple. A cash settlement could potentially help you to enjoy a more fruitful retirement, allowing you to enjoy later life to its full potential.
If you’d like to find out more about selling your current life insurance policy for a cash settlement, visit Mason Finance for further details.