When you purchase a life insurance policy, you'll guarantee more financial security for your beneficiaries if you pass away under certain circumstances. However, you might come to a point where you no longer want or need your policy, and a VA life settlement program can be an excellent alternative if you have a military background. Here are a few facts that may help you decide if a VA life settlement program will be the right choice for you.
Allows You to Sell Your Policy
If you want to stop paying into your life insurance policy, a VA life settlement program will let you sell your policy. This can definitely be a good option if your beneficiaries no longer need the money. You may also choose to sell your policy if you are at the end of your life and no longer wish to keep paying the insurance premiums.
A Great Source for Quick Cash
You can get cash from your life insurance policy to put toward other expenses when you sell it to a VA life settlement program. You can then use this cash to pay off your home, pay down medical bills or put toward other important expenses.
Saves You from Total Financial Loss
If you let your policy lapse, you risk losing all the money that you've invested into it. A good VA life settlement program can pay you a large percentage of the money that you've put toward your plan so that you won't have to take a total loss if you choose to no longer keep your policy.
A Bigger Payment with Age
A larger cash payout will be paid to you if you are older or wait until your retirement years to sell your life insurance plan. If your policy is about to expire and you're in your golden years, you may want to consider selling your plan so that you won't have to keep paying premiums throughout another policy period.
A Lump Sum Payment Possibly in Days
You may get your payment from your settlement within days after you apply and agree to sell your policy. However, you might have to wait until a few months after you've applied in some cases, so it's best to find out how soon you should expect to receive your payment before the deal is finalized.
You won't be stuck with your life insurance policy for the remainder of your days if you decide to offload your plan through a VA life settlement program. If you're ready to get cash for your policy, you shouldn't hesitate to apply.
For more information, you can reach out to a service such as Veterans Asset Planning.