Unbiased Advice on Selling a Life Insurance Policy | DarrasLaw Podcast
The sale of life insurance policies and reverse mortgages are topics that have garnered a lot of attention recently due to regular television commercials and radio ads on the topic. The pitch usually goes something like this:
As you age, your needs change. You may not have the same needs you did in the past. Your house is paid off, the kids are all grown up. Why not sell your life insurance policy so that you can enjoy the extra money while you’re still living.
According to these ads, selling life insurance is all upside. But there can be huge disadvantages with this depending upon your situation.
In this interview, Frank Darras, America’s Top Disability Lawyer, provides unbiased information on this growing trend. Gary Pozsik of Health, Wealth and Happiness leads today’s discussion.
Quote from the Show
There’s $1.3 trillion dollars currently out there in life insurance for seniors age 70 and older. – Frank Darras
What You’ll Learn
- Why you shouldn’t take celebrity endorsements for the sale of life insurance at face value. Do your research prior to making a decision.
- The common pitches used by companies to encourage you to part ways with a policy.
- $6.1 billion changed hands in terms of life insurance last year
- The reasons term life policies or universal life policies are so valuable
- The circumstances when it makes sense to sell a policy.
- Tips for evaluating a life insurance sale like getting multiple bids.
- Where you find legitimate companies that will give you fair market value for a policy.
- Why you should find out the commission structure of any company you’re evaluating.
- The definition of stranger owned life insurance policies
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