The below scenario is something we run into all the time with individuals we are working with. Below is a real client and an even more real problem.
“My $250,000 term insurance policy is reaching the end of its 20 years and the insurance company is saying my premium is going up from $355.35 a year to $4,240 a year.” -Client
“I took this out when I was 45 years old and I was in great health. In fact, I was a preferred risk. Now, I’m not in such great health. I know I could convert the term policy to whole life but I really can’t afford it. I have Type 2 diabetes with a high A1C, I have high blood pressure and I’ve gained a bit of weight. I don’t think I can qualify for new insurance as I also have atrial fib.” -Client
What can I do? If I keep the old policy, will it go up in price every year? Can anyone help me?
You can sell your old life insurance policy. It’s a process called life settlement!
It’s the sale of a life insurance policy to a third party for an immediate cash benefit.
For a brochure that can provide you an overview on life settlement, please call our office at 860-678-7806 ext. 203 (Alexa, of course) and we’ll get the brochure right out to you. If you’d like to have a conversation with one of our three partners about what this can mean to you and your family, please schedule a time to talk either in our office for an in-person meeting, or schedule a 15-minute phone call. Many folks out there don't even know they have options when they feel trapped in this situation.