3 Tips to Help Determine When to Sell your Life Insurance Policy

3 Tips to Help Determine When to Sell your Life Insurance PolicyEvery year, tens of thousands of Americans decide that they’ve had enough with contributing to a life insurance plan which may not provide a huge return on investment. Instead, these individuals sell their life insurance policy to companies like Rapid Cash Funding, who in turn provide cash that can be used for investments, bills and major capital purchases today. Below we will take a look at three quick tips that will help you determine when it’s right to sell your life insurance policy and to get cash that can be put to better use.

Tip 1: Ask your Spouse and Family

Life insurance is one of the financial items that can affect the future of a family, so before selling your life insurance it’s worth sitting the family down to explain the benefits and to hear their feedback. Spousal input is incredibly important as with most life insurance policies, the spouse is the main benefactor. Discuss the options for the money that is generated from the life insurance sale, and demonstrate just how much better of a long-term financial position the family will be in by leveraging that cash into better investments.

Tip 2: Check your Current and Future Financial Situation

If you’re thinking about selling off your life insurance policy to put the cash to better use today, it’s worth spending some time to address your current and future financial situation. Address any high-interest outstanding debts first, such as credit cards and payday loans, as these will be a huge drain on your finances thanks to heavy interest charges. Then, determine what other payments can be taken out by using the cash from the life insurance policy; items like student loans, car payments and mortgages should be next on the list. Finally, if your family is relatively debt free you can leverage your life insurance policy into financial investments that will help to build your financial portfolio and overall wealth.

Tip 3: Balance and Build your Investment Portfolio

If you already have an investment portfolio which is performing well, you may want to sell your life insurance in order to generate more capital which can then be reinvested. It makes little sense to have underperforming assets like a life insurance policy tied up for decades when the rest of your investments are helping to leave your family in a better financial position.

Here at Rapid Cash Funding we’re proud to offer Americans the opportunity to leverage assets that are sitting around doing nothing, turning them into cash that can be put to great use today. If you have a life insurance policy, annuity or structured settlement that you would like to turn into cash, get in touch with us at 1-877-63-RAPID or by filling out the quick form at the top of this page.

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