What To Do If You Have a Life Insurance Policy That You Can No Longer Afford

Can’t pay your life insurance policy any longer? If unexpected expenses come up and you are struggling to pay your premium, you should know some of your possible options. 

Life Settlement

If you can’t afford your life insurance policy any longer, it can be sold for a cash settlement, which is typically referred to as a Life Settlement. According to the Ardan Group, “A Life Settlement is a transaction in which a life insurance policy is sold to a third party and it’s a way of converting your life insurance policy, while you’re still alive, into money you can use now . The sale of your life insurance policy will also relieve you of all future premium expenses.”

This is an option available to individuals aged 62 (ages can vary) and older. A Life Settlement can assist you in planning for you or your family’s future and handle any monetary difficulties that you might be encountering now or expect later on.

Viatical Settlement

Viatical Settlements allow people who are suffering from a terminal illness to liquidate their life insurance policy and receive the proceeds while they are still alive. The Ardan Group mentions, “You may be facing overwhelming medical bills and need help paying those bills. You will receive our Best Value Settlement℠ and will no longer have to pay any future insurance premiums.” When facing expensive medical bills, future treatments, medication, and the usual costs of living, this is a viable option to consider. 

If Life or Viatical Settlement seem like a good fit for your situation it may be in your best interest to reach out to the Ardan Group via their toll free phone number: 1-800-699-3522. The professionals at Ardan will provide a recommendation specific to your situation.

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