There comes a time for anyone with a life insurance policy to make the decision to surrender the policy to the insurance carrier or sell it on a secondary market. There are many factors involved when making this big decision, because a large amount of money could hang in the balance.
Usually the decision to surrender your life insurance policy means you will be dealing with your insurance company. The monetary value will be based on the policy’s cash account or on a contract provision for an accelerated death benefit. What would be the value of your policy in the secondary market? get a secondary opinion® of the potential value of your client’s policy at https://ashargroup.com/quiz/
If your client decides to sell it on the secondary market, your advisor will probably turn to a Secondary Market Specialist who will help you and your advisor sell your policy for the highest fair market value possible. This in turn means that you will most likely get far more for your policy than by selling it back to the insurance company.
A typical scenario would be the parents who buy a policy to cover the family’s needs in case one or the other parent dies. Over time, the children get older and more financially secure and the parent or parents are finding that the premiums are about to go up. The policy is no longer a safety net, it is becoming a burden and the decision is made to surrender or sell.
No matter what your scenario is, when it is time to restructure, make sure you seek a qualified person to discuss your options in detail to determine the most profitable alternative for your particular situation.
