At some point or another, you may think of selling your life insurance policy, the reasons can be many. But, how easy it is to sell your insurance policy? What are the things you need to take into consideration while selling your insurance policy? Of course, you may feel surrounded by doubts and questions before making such a decision, so here is what you need to know!
Selling your life insurance policy
Selling your life insurance policy, you need to know about Traded Endowment Policy (TEP) or Traded Life Policy (TLP) markets. You may have to surrender fee to get the sum assured from the policy and this is where selling your policy becomes a smart decision to make. Some people may consider buying these policies as it is a low-risk investment.
Who sells a life insurance policy?
In general, people who never settled or had a family are more likely to sell their policy, they have no loved ones for whom they need to secure future for or any beneficiary who will have to face financial troubles. And hence, they decide to cash in their life insurance policy and decide to live the remaining years of their life peacefully.
While deciding to buy a life insurance policy you can decide to put the sum assured in trust. This will not affect the value of your estate in case you are at the moment below the inheritance tax threshold in the UK of £325,000. Moreover, it involves various financial implications when you want to sell your life insurance policy.
Consult professionals before you sell
To make sure that selling the life insurance policy doesn’t turn out to be a bad decision, you should get in touch with life insurance professionals to help you make the right decision.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00