Most of us have a life insurance policy and have obligingly paid over the monthly premiums year after year because we feel that it is the right thing to do for our families. What happens when circumstances change though? What if we can no longer afford the monthly premiums or what if our families no longer need our financial assistance? Does that mean we just stop paying our premiums and surrender the cash we’ve already paid in? Not at all, these are the times when you can look to sell your policy and receive a nice lump-sum payment for you to enjoy. We’ll take a look at some of the times when it makes sense to sell your policy.

When Selling Your Life Insurance Policy Makes Sense

You have more life insurance than you currently need

If the kids are all grown up and settled and no longer need any financial assistance and there is enough in savings for your partner to live on should the worst happen, it could be right to sell. What’s the point of holding onto that money and waiting for your death, why not enjoy it now, while you can? Remember, there is no reason for you to feel guilty about treating yourself.

It is too expensive to maintain

If you are finding the premiums a bit much and really can’t figure out a way to afford them it is always better to sell than to just allow the policy to lapse. Plus, the cash-injection probably would be most welcome if you are in a difficult situation. Remember, if the policy will help your family after you are gone, it is best to try and hold on to it. Read our guide on money management apps and see if you can find a way to keep up with the premiums.

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You need help with increasing medical or long-term care expenses

If you need help right now to pay for medical or care expenses, then you should sell. Your family will appreciate you still being around much more than they would an injection of cash once you are gone. Don’t feel guilty about selling, keep fighting for more time with your loved ones. When it does come to the time to sell just make sure that you go to a reputable agent. There are some out there, just looking to make a quick buck out of your bad situation.

Increasing your retirement funds will increase your peace of mind

If you are approaching retirement and are worried about the funds that you have available to live on, it could be the time to sell. The peace of mind of knowing that there is enough money in the bank to cover any eventuality is worth so much more than simply passing money down through the family when it is not necessarily needed. Take a look at your retirement plans and see if your funds need a boost.

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You want to sell part of your policy, eliminate costly premium payments and maintain a portion of your coverage

This option could offer you the best of both worlds. If you want to eliminate monthly premiums but still leave some money behind for your loved ones, why not look into selling part of your policy?