So you want to sell life insurance? No, not become an agent, sell life insurance you own or for which you are the insured. When you want to sell your life insurance usually one of two things is going on. You are going to sell insurance you no longer need, maybe you bought it protect against something that is no longer a problem such as a mortgage. You are going to sell life insurance you can no longer afford or want to afford, perhaps you are going to sell insurance you bought ten years ago and use the proceeds to buy new insurance that better serves the purpose. Sometimes we see people sell their life insurance that insures one life to finance life insurance that pays on the second death of a couple. This is often a very effective way to pay estate taxes. If you want to sell your life insurance make sure that you have all the ownership and beneficiary details ironed out before you attempt to sell the life insurance you no longer need.
One last thought, we are seeing more companies sell insurance that they own on retiring or exiting executives or stockholders. In the case the decision to sell the life insurance can be a great cost recovery tool for the business.
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