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Select the best way to get in touch with you.

Life & Viatical Settlements

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Conversation Guide: How to Discuss Selling Your Life Insurance Policy with Your Financial Team

Expert Advice on How to Maximize Your Life Insurance Policy and Boost Your Retirement Funds

Brandon Selfors

Licensed Insurance Agent

Updated Feb 21, 2023
Published On: Feb 21, 2023
conversation starter for life settlements

If you’re considering selling your life insurance policy, you’re taking an important step toward maximizing the value of your retirement funds. While this decision may seem daunting at first, rest assured that with the right guidance and advice, you can make an informed decision that aligns with your financial goals and interests. By involving a team of financial experts, including your family members, financial advisor, life insurance agent, attorney, CPA, estate planner, and trustee, you can have a thorough and productive conversation about the potential benefits of selling your policy. With our complete conversational guide, you can approach these discussions with confidence, knowing that you’re making the right choice for your financial future.

Approaching someone about selling your life insurance policy can be a sensitive topic, but it’s important to have a conversation with the appropriate parties involved. Here is a basic conversational starter guide for a senior citizen approaching a family member, their financial advisor, their life insurance agent, their attorney, and their CPA about selling their life insurance policy:

  1. Family Member:

    – Start by expressing your concerns and explaining your reasons for considering selling your life insurance policy.
    – Ask if they have any experience or knowledge about life insurance policy sales and if they can offer any guidance or advice.
    – Discuss any potential benefits or drawbacks to selling your policy, and ask for their thoughts and input.

  2. Financial Advisor:

    – Share your reasons for considering the sale of your policy and ask for their professional opinion.
    – Ask about potential tax implications and any impact on your overall financial plan.
    – Discuss any alternatives to selling the policy, such as a life settlement or viatical settlement, and ask for their advice on which option is best for you.

  3. Life Insurance Agent:

    – Discuss your reasons for wanting to sell your policy and ask if they have any information on the process.
    – Ask if there are any alternatives to selling the policy, such as a loan or partial surrender.
    – Request a policy evaluation to determine its current value and any potential tax implications.

  4. Attorney:

    – Discuss the legal aspects of selling your life insurance policy and ask for their advice on the process.
    – Ask about potential legal issues, such as transferring ownership or beneficiary designations.
    – Discuss any potential tax implications and ask for their guidance on the best course of action.

  5. CPA:

    – Discuss the tax implications of selling your policy and ask for their professional opinion.
    – Ask about potential capital gains taxes and how to minimize the tax burden.
    – Discuss any alternative options, such as a life settlement or viatical settlement, and ask for their advice on which option is best for you.

  6. Estate Planner:

    – Explain your reasons for considering selling your life insurance policy, and ask how it will affect your estate plan.
    – Ask about any potential impact on your beneficiaries, and whether selling the policy will change your estate planning goals.
    – Discuss any potential estate tax implications and ask for advice on how to minimize taxes.
    – Review your overall estate plan with the estate planner, and ask if any changes should be made if you decide to sell your life insurance policy.

  7. Trustee:

    – Discuss how selling your policy will impact any trusts you have in place.
    – Ask for their input on the best course of action, and whether a life settlement or viatical settlement may be a better option.
    – Review any trust documents with the trustee, and ask if any changes should be made if you decide to sell your life insurance policy.

If you’re considering selling your life insurance policy, it’s important to get advice from the right professionals. Talking to family members, financial advisors, life insurance agents, attorneys, CPAs, estate planners, and trustees can provide valuable guidance on the process and potential implications.

Regardless of who you consult with, it’s crucial to understand the current value of your policy before making any decisions. And that’s where ValuLife, our free and fast iOS and Android app, comes in. With ValuLife, you can easily get a free life settlement appraisal and quickly evaluate the potential value of your life insurance policy. With this information in hand, you can make an informed decision about whether selling your policy is the right choice for you. So why wait? Download ValuLife today and take the first step towards unlocking the true value of your life insurance policy.

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Brandon Selfors / CEO

Life Settlement Broker

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