Skip to main content

Sponsored Content

Make Your Life Insurance Work for You

Oct 13, 2016 04:31AM ● Published by Family Features

Life insurance is a valuable asset, but over time you may find that your life insurance no longer fits your situation. You might be surprised to learn that in addition to your home, stocks, bonds and antiques, your life insurance is another asset you can sell.

Life insurance policies can be converted to immediate cash through a life settlement, but as many as 85 percent of seniors don’t realize this option is available, according to a survey conducted by Coventry Direct.

A life settlement is a financial transaction in which a policyowner sells an unneeded life insurance policy for more than they would have received from the insurance company if they were to lapse or surrender the policy. Most life insurance policy types qualify, including universal life, whole life, variable life, survivorship and even term life policies.

Among the reasons you might consider a life settlement:

  • Your life insurance policy is too expensive to maintain. If your premium payments have continued to increase, your policy may no longer be affordable. However, simply allowing the policy to lapse results in a total loss of the premiums you have paid.
  • You have more life insurance than you currently need. As your circumstances and need for financial protection change, you may want to reduce the overall insurance you own. For example, if your policy was intended to pay off your mortgage in the event of your death, but you’ve since sold the home or paid off your mortgage, you may not need the same amount of coverage.
  • You need help with increasing medical or long-term care expenses. Selling your policy can help cover your immediate needs for health care or other unforeseen medical expenses.
  • Increasing your retirement funds will increase your peace of mind. The proceeds from the sale of your policy can help boost your savings and supplement your retirement income.
  • Your debt load exceeds your comfort level. Whether a single emergency incident or a combination of variables compounded your debt, working your way out can be emotionally and mentally draining, but applying untapped assets to reduce the burden may help.

For example, one policyowner no longer had a need for several life insurance policies totaling $500,000. The life insurance company would only pay him the cash surrender value of $28,500. Instead, he contacted Coventry Direct and was able to sell the policies for $110,000, which he used to supplement his retirement and plan a family vacation.

Learn more about life settlements and whether selling your life insurance policy is right for you by calling 888-858-9344 or visiting coventrydirect.com/lifesettlements.

Photo courtesy of Getty Images

Sponsored by Coventry Direct

Like what you're reading? Subscribe to Cabarrus Magazine's free newsletter to catch every headline

Family Features Family Features Home and Garden
  • A VET TOGETHER

    10/24/2017
    09:00AM — 11:00AM

    • Join Cabarrus Veterans Coalition the first Tuesday of each month at Carm’s for free coffee and ...


  • A Cheese(y) Holiday Affair

    10/24/2017
    12:00PM — 02:00PM

    Tuesday, October 24, 12 Noon and 6:30PM * $3 NC Cooperative Extension, Cabarrus County Center...


  • Southern CC Joins Fight Against Cancer

    10/24/2017
    12:00PM — 01:00PM

    Southern CC, Inc. Partners With La’Keshia Chisholm To Join The Fight Against Cancer For Immedi...


  • Foundation Fashion Week

    10/24/2017
    06:00PM — 09:00PM

    The NorthEast Foundation is excited to announce the 37th annual Foundation Fashion Week will be h...


  • Thriller Dance Lessons

    10/24/2017
    06:00PM — 07:00PM

    Ever wanted to learn the King of Pop’s famous Thriller dance? Now’s your chance! Head over to the...


  • COOKSMART/EATSMART COOKING SCHOOL

    10/24/2017
    06:00PM — 08:30PM

    Thursday evenings, October 12,19,26 and November 2 * 6-8:30 p.m. * $50 NC Cooperative Extensi...


  • A Cheese(y) Holiday Affair

    10/24/2017
    06:30PM — 08:00PM

    Tuesday, October 24, 12 Noon and 6:30PM * $3 NC Cooperative Extension, Cabarrus County Center...


  • A Cheese(y) Holiday Affair

    10/25/2017
    12:00PM — 02:00PM

    Tuesday, October 24, 12 Noon and 6:30PM * $3 NC Cooperative Extension, Cabarrus County Center...


  • COOKSMART/EATSMART COOKING SCHOOL

    10/25/2017
    06:00PM — 08:30PM

    Thursday evenings, October 12,19,26 and November 2 * 6-8:30 p.m. * $50 NC Cooperative Extensi...


  • A Cheese(y) Holiday Affair

    10/25/2017
    06:30PM — 08:00PM

    Tuesday, October 24, 12 Noon and 6:30PM * $3 NC Cooperative Extension, Cabarrus County Center...


  • TODDLER STORY TIME

    10/26/2017
    10:30AM

    • Children from walking age to three years old with caregiver. Songs, stories, finger plays follo...


  • COOKSMART/EATSMART COOKING SCHOOL

    10/26/2017
    06:00PM — 08:30PM

    Thursday evenings, October 12,19,26 and November 2 * 6-8:30 p.m. * $50 NC Cooperative Extensi...


  • Cook Smart/Eat Smart

    10/26/2017
    06:00PM — 08:30PM

    This popular hands-on cooking class teaches more than 24 cooking techniques to make meal planning...


  • Thriller Dance Lessons

    10/24/2017
    06:00PM — 07:00PM

    Ever wanted to learn the King of Pop’s famous Thriller dance? Now’s your chance! Head over to the...


  • Trick or Treat in the Park

    10/27/2017
    05:30PM — 09:00PM

    Games * Candy * Food * Inflatables * Costume Contests * and More! Hundreds of costumed trick o...


  • Thriller Masquerade Ball

    10/27/2017
    08:00PM — 11:00PM

    This event celebrates the fun tradition of the carnival season. Attendees are invited to dress up...


  • Pumpkins in the Patch & Candy in the Corn

    10/28/2017
    10:00AM — 06:00PM

    Come out dressed in your Halloween costumes or attire. Trick or treat around the farm. This event...


  • Already the Carolinas' largest costume party, the Carolina Renaissance Festival becomes the place...


  • Come out to our third annual Kaleidoscope Cultural Arts Festival and Candy Crawl! We will have ar...


  • Halloween Fun Fest

    10/28/2017
    03:00PM — 06:00PM

    Our annual Halloween Fun Fest in Downtown Salisbury will bring ghoulish fun to residents and visi...


  • Gold Hill Ghost Tour

    10/28/2017
    05:00PM — 08:00PM

    Enjoy a fun night of ghost stories at one of the most haunted sites in Rowan County. Ghost storie...


  • Pumpkins in the Patch & Candy in the Corn

    10/29/2017
    10:00AM — 06:00PM

    Come out dressed in your Halloween costumes or attire. Trick or treat around the farm. This event...


  • Already the Carolinas' largest costume party, the Carolina Renaissance Festival becomes the place...


  • Candy Crawl

    10/31/2017
    03:00PM — 05:00PM

    Local merchants provide trick-or-treating and family-friendly entertainment on Union Street in Do...


  • Sweet Street at the Park

    10/31/2017
    05:00PM — 08:00PM

    Sweet Street is a family-friendly trunk or treat festival. There will be food, games, activities,...


  • Fall Plant Sale

    11/02/2017
    09:00AM — 05:00PM

    Garden now for spring blooms! Plants will be available for pick up between 9am and 5pm on Nove...


  • Cook Smart/Eat Smart

    11/02/2017
    06:00PM — 08:30PM

    This popular hands-on cooking class teaches more than 24 cooking techniques to make meal planning...


  • World of Outlaws World Finals

    11/03/2017
    06:00PM — 11:00PM

    The most prestigious dirt racing event in the country, the Nov. 2-4 World of Outlaws World Finals...


  • Battle for the Bell

    11/03/2017
    07:30PM

    Come watch the battle starting at 7:30. There will be tailgating beforehand, so be sure to stop b...


  • Hops & Heat Beer and Chili Festival

    11/04/2017
    01:00PM — 05:00PM

    Join us for an afternoon of Beer, Bands, and Buckets of Chili in Downtown Concord! Live music ...


  • Hops & Heat Beer and Chili Festival

    11/04/2017
    01:00PM — 05:00PM

    Make the best chili in town? Prove it! Join us Saturday November 4th from 1 - 5:00 p.m. in Downto...


  • Fall Back 5K

    11/05/2017
    01:50AM

    The inaugural Fall Back 5K is a new and exciting run event in the City of Kannapolis which starts...


  • Polar Pig BBQ

    11/10/2017
    05:00PM

    Hosted by GMAX Automotive & Xccessories and KCBS sanctioned BBQ cook off being held at the Cabarr...


  • Polar Pig BBQ

    11/11/2017
    05:00PM

    Hosted by GMAX Automotive & Xccessories and KCBS sanctioned BBQ cook off being held at the Cabarr...


  • Dancing for the Arts is a major fundraiser for the Cabarrus Arts Council. These local stars donat...


Get Cabarrus Magazine Delivered to Your Door!

Subscribe today!

Proudly Brought To You By These Community Sponsors