An Unlikely Source of Retirement Income (your term insurance)‼️

(don’t forget to checkout the video of this blog too)

Term insurance insurance is just life insurance that protects your family for a period of time, right⁉️

It’s just a cheap way to ensure that your family isn’t financially devastated if you were to pass away early…💔

But, there’s a hidden benefit that not a lot of people are aware of.

Your term insurance can actually end up being a source of supplemental retirement income & can even be used to help fund long term care.

But… how is this possible?⁉️

Especially if it has no cash value….

If term insurance is worth $0 on paper (unless you die) how could it possibly provide a living benefit to help fund your retirement⁉️

Well, there are companies that exists solely to buy your term insurance policy from you.

There are some stipulations and criteria that need to be met, but many times people are sitting on a pile of cash that they don’t even know about!

If your term insurance is convertible there are life settlement companies that will buy it from you, convert it to a permanent policy, and become the beneficiary of your death benefit.

But to do that, they will you pay you a lump sum of cash today…

I met a guy in his late 60’s who had a $10M term policy that he was going to let lapse…

But, he explored the option of selling that policy and walked away with $3M dollars…

So before you cancel your term insurance, or stop paying the premiums, it’s worth exploring if there is any residual value in that contract that can help provide you some additional guaranteed income in retirement 👏

Let’s chat 💬😎