As people get older and no longer work finding extra cash flow can be real problem. I know people who have sold their house (without actually wanting to) and sold their car (despite it giving them freedom.) There are other options without having to resort to taking on part time jobs when actually you should be enjoying your retirement.
Did you know you could sell your life insurance policy? It’s called a life settlement and it’s pretty new but you could actually get up to 8 x the cash surrender value.
Nope neither did I!
It’s really important to say from the start that if you do sell your life insurance policy obviously your family aren’t going to get any pay out when you die as the death benefits go to whoever you sell your policy too.
You usually have to be over 65 to sell your policy but selling is not your only option.
You can also take out a loan against your life insurance policy.
A third option is to borrow from your life insurance policy. You may of course be charged interest on this.
Individual policies are …individual, so you would have to check the terms and conditions of yours. But this may well be an area you haven’t considered that may be a really useful way of accessing money in your later years.
You can click here to find out more about all of these options.
The information in the post was provided by alifesettlement.com.
*Pls see my disclosure policy