Paying premiums can be a challenge. They can be among the most expensive bills you pay each year. It can be enough to make you wonder whether it’s worth it to keep your policy active.
Aspen Life Settlements provides a way to “check all the boxes” in this scenario–by allowing you to stop paying premiums and maintain your coverage and death benefit. Sound too good to be true? Brush up on how it works in this blog post, or just keep reading!
Canceling Your Life Insurance
By not paying your premiums, your insurer is no longer obligated to provide you with coverage or death benefits. Insurance companies notice pretty quickly when the premiums stop coming in.
In some cases, if you have a whole life or IUL policy, you might be able to talk with your agent and “cash out” your policy, getting access to whatever is left of the cash value of your policy after any fines and charges have been taken out from your insurer for canceling.
After that, your policy and coverage are over. You might have some extra money on hand, and no more premiums to pay, but no death benefit for your beneficiaries when you pass away, either. This is where Aspen Life comes in with a better option.
A Better Way to Not Pay Premiums
Instead of canceling your policy, selling it is often the best way to go. Your life insurance policy is an asset–even if you can’t physically see it like a car or a home. It can be purchased, sold, and used as collateral.
Aspen Life (unlike other life settlement services) is interested in purchasing most whole life (and some IUL) policies–regardless of your age or medical condition! These other life settlement companies may offer more for policies, but are strictly interested in the policies of those with shorter life expectancies. They make their return on investment by receiving the death benefits of the policies they purchase.
At Aspen, we make our money a different way–by investing ours in the cash value aspect of your policy. This leaves the death benefit untouched–which we set aside for your beneficiaries. And, because we pay the policy’s premiums, you are left with no premiums to pay, and your death benefit to leave to your beneficiaries.
If it’s a priority of yours to pay–or stop paying–your premiums, get in touch with Aspen Life and a trusted financial advisor today! We know that this works–and that it’s the best option out there. Nowhere else can you sell your policy, stop paying premiums, and maintain the coverage you need.