Has anyone ever “sold” their own personal life insurance policy to someone else?
Has anyone ever "sold" their own personal life insurance policy to someone else?
I have been carrying two TERM life insurance policies for many years. Since I have retired, I can no longer afford to pay the premiums. One policy will terminate in 2013 and the other in 2024. I am 65, female, good health.
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4 Responses
2.1.2010
Life settlements are available, but may not work in your case at this time.Typically, insured needs to be around age 75 if healthy to make it work.Second, the policy needs to be convertible to permanent insurance in order for a company to buy it.
2.1.2010
No, but those companies are scam artists.
2.1.2010
There are people called viaticals who specialize in purchasing policies, but don't expect lots of $$$ up front. They also get paid from your ex-policy when you die.
2.1.2010
Offers will vary depending on the type of policy they can be converted to (you will actually sell the policies after conversion, not the term policies) and the face amounts of the policies. If they are over $100000, you should be able to get something for them, but with good health, it won't be over 15%. Source(s): http://www.councilfinancial.com/insuranc…