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Ezine Ready

Selling Your Life

There are traditionally two types of life insurance policies. Term life is designed to be temporary (or for a certain term limit). Permanent life insurance policies - like whole life, universal life and variable life - were designed to last the lifetime of the insured person.

Many people purchase life insurance policies as a way to protect their families after they are gone. As children grow up and move out to start lives of their own, and as assets begin to accumulate, paying these premiums may seem a bit on the wasteful side.

When policy holders no longer want to continue paying for a life insurance policy, most just stop the payments and cancel the policy. Some are able to cash out (and receive any cash value that has accumulated in the policy). There are even a few who donate the policy to charity.

A new path has come up for life insurance policy holders. Some are choosing to sell their policies to investors (who continue to pay the premiums) and these investors collect the policy proceeds when the insured dies. Investors know that they will get paid. The only factor is time. And the payout is also guaranteed – it is the amount written on the life insurance policy.

Although some people may think that selling your life is a morbid way to go, those policy holders that prefer to have the cash now beg to differ. With this arrangement, everyone gets exactly what they want and expect. The insured party gets cash to enjoy life while living and the investors get cash when the insured party finally makes that final cash in.

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Bill also writes for Low.com. Now you can save money, time and also get low cost health, life, homeowners and car insurance quote all in one site.

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