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Life Insurance News - Selling of Life Insurance Policies is Causing Trillions of Dollars in Turnaround

September 11, 2009 — Americans all over our country seem to be bogged down with economic worries, the soaring of unemployment, and the work hours being cut. Maintaining a life insurance policy current can be quite hard to do. Many Americans have decided to sell what they can so that they may provide other necessities to their families.

Selling off one’s life insurance policy is not something that had been done in the past but due to a seriously chronic disease. Nowadays you can turn on the radio or television and hear about how you can sell your life insurance policy. This causes up into the trillions of dollars turnaround in insurance settlements. This will cause an effect on Wall Street as well.

Knowledgeable investors are placing these life insurance payments into their bond folder and will work like a CD. They will have this security if the banks go under. They will be guaranteed payment since everyone will die sooner or later.

There are a many number of reasons a person might decide to sell their life insurance policy.

1. Status in insurance requirements may have changed for the individual.

2. The insured can no longer keep up with the monthly premium payments.

3. Money may be needed to acquire a different type of life insurance.

4. Key holders of a business could have changed and the policy is no longer needed on an individual.

5. Money maybe required for health expenses.

There are a few things that must be kept in mind when considering selling your life insurance policy. If you are currently on Medicaid or any type of income assistance, the selling of your life insurance policy can have many complications. If the amount of the benefits that you get is more than the amount of the premiums you have paid into your life insurance policy, you will be informed by the government and may have tax complications.

Selling your life insurance policy will make it where you will not be able to get a new policy for an amount higher than your own net worth. This is important to keep in mind.

You will have to provide all medical records when selling your life insurance policy. You cannot omit any. This will include all general medical and psychological information. Your medical history will no longer be just your business.

Another vital thing to keep a handle on is the amount of commission your insurance broker will receive through the selling of your life insurance policy. Make sure it is given in writing so this number does not change in any way.

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