The large wet spot on the ceiling above the downstairs bathroom is just the last of a long list of problems. You simply wanted to replace the old, and in some spots torn, linoleum in the house. The laundry room, the guest room bathroom, and the bathroom between the other two upstairs bathrooms have shown more wear than other places in the house, and the installation of luxury vinyl flooring seemed like a good option.
After pricing several options you went with a big box retailer for the project. From the beginning, however, the process was cumbersome. One contractor calling to schedule the installation, another contractor calling to schedule the delivery. When you realized that the installation contractor actually subcontracted the work out to another team the real problems began. This morning when you noticed the 12 inch wet spot on the ceiling you knew that you could not even call your husband. Out of town for the third week in a row and the morning after your youngest daughter flew home from college, your husband was already more than stressed at work with a project that was running into its own problems.
An angry phone call to the sub contractor later and you find yourself dealing with water seeping underneath the new flooring that has been installed in one of the bathrooms, ceiling material that is soaking wet and falling, and another bill that is past due on an earlier home project gone wrong, you are literally at your wit’s end. Short of agreeing to your husband’s plan to sell your life insurance policy, you are not sure what the next step might be. Clearly, your husband needs to find a job that is less stressful and will allow him to stay at home, but you still need to be able to bring in enough money to pay for all of the bills. Your income does not meet what your husband makes, but you are working nearly full time now that both girls are away at college.
The Decision to Sell Your Life Insurance Policy May Provide the Financial Relief You Need
Life insurance settlement companies help their clients understand the options that may be available. Knowing that many Americans are actually overinsured, these life insurance settlement options are often a wise financial decision. When life seems like it is leaving you very few options it is important to know that you might be able to consider selling your life insurance policy to give yourself some breathing space.
Consider these facts and figures about the many times when the decision to sell your life insurance policy might be in your best interest:
- Clear back in 1911 the U.S. Supreme Court decision in Grigsby versus Russell deemed life insurance policies as personal property. Ever since this time many people have made the decision to turn their insurance policy into a more useable resource.
- A life settlement transaction is when the seller, also known as the policy owner, transfers ownership and beneficiary rights of a life insurance policy to a buyer, who is also known as a licensed life settlement provider.
- Approximately 86% of life insurance policies will lapse without any benefit ever being paid, so it important to make sure that you are watching the status of the policies that you own.
- Because more than 14% of policy death benefits are ever disbursed, it is important to know what your options are in case you need to tap into some of those funds.
This is the time of the year when many families struggle with the challenges of making all of their payments. Factor in a plumbing or flooring job gone wrong and many families reach the point where they feel their options are very limited. When you understand that there is an option to sell your life insurance policy, however, you can begin to look for a light at the end of the tunnel. Although many of us grew up in a time when it may have seemed taboo to tap into a life insurance policy, there are times when this is the best kind of option. If you are struggling financially, are you ready to make a change?
