I remember my mother meeting with her financial advisor as they determined what to do to cover the expenses of the cost of her being in a senior care facility. For those of you who have had a loved one in one of these facilities you know what I’m talking about. For those of you who haven’t had to deal with this nightmare hope that you never do. Basically, these places are crazy expensive and for most people my grandparents age there’s no way they could pay for something like this.
So as you try to figure out how to cover the ridiculous costs my mother found herself weighing options. One option that she came across after a suggestion from a trusted family friend was to consider for someone like my grandmother or grandfather to sell their life insurance policy on the secondary market. It’s actually a good option as there are so many seniors out there that simply surrender their life policy to the insurance company or worse, let their policy lapse. So the question becomes, ”Should you sell your life insurance policy?” Again, hopefully you never have to deal with this but if you do, you should consider selling your life policy via a life settlement well before you consider stopping the premiums payments to cut costs.