Selling your life insurance policy is both an exciting opportunity and a fairly big decision to make. When you decide that it’s time to sell, it’s a decision that you will need to share with your family. While telling your family about selling your life insurance might seem a bit challenging, there’s no need to worry. You only need to make sure that you approach the topic in the right way. Here are a few helpful tips to consider when telling your family about selling life insurance to ensure the conversation goes smoothly.
Life settlements are a means of selling your life insurance policy that is regulated by individual states. Life settlements can be a great option if you’re no longer in need of your policy and would like to gain the means to pay off hefty bills or simply to set yourself up for future financial stability.
If you’ve recently received a life insurance settlement or are planning to in the near future, you may be wondering how taxes may impact your proceeds, if they do at all. With the intricacies surrounding U.S. tax law, understanding how taxes and life settlements are related is incredibly important. In this blog, we will teach you everything you need to know about how you may be affected as a beneficiary of a life insurance settlement.
Many misconceptions exist about the life insurance industry, as well as life settlements. According to a 2021 study performed by PolicyGenius, just over half of Americans currently hold some form of life insurance. With the majority of the population taking up this investment, it’s important that policyholders understand all of their options as it pertains to the matter. In this blog, we’ll highlight some of the most common myths associated with life insurance and settlements.
On the surface, life insurance seems like a straightforward type of insurance policy. But could it be a financial asset? That depends on the type of life insurance policy, as well as your perspective. Some types of life insurance, as well as several other insurance types with cash value components, count as assets. This should be kept in mind for many events, such as divorce and other legal proceedings, but also because they may aid you in obtaining financial security when and if it is ever necessary.