Selling a Term Insurance Policy

[Anonymous]

At 70 next year, the term policy monthly cost will $$$$kyrocket and would become impractical financially. I could put that money elsewhere. I also have a nice whole policy that will be an inheritance. I'm thinking of reaching out to Coventry and other similar companies to see if sellable. A few years back, term decreased from $1 million to $500K presently since adult kids are financially independent.

Anyone ever sold a Term policy to Coventry? I would love to recoup any $ from those years of payments.

[Anonymous]

Unlikely - insurance is a gamble, you gambled your heirs would need the money if you died (I'd say you were lucky and didn't die!).

[Anonymous]

I have never heard of this. It sounds like a scam. And who pays for term insurance into their late 60's and 70's? Its meant to get your kids/spouse through your working years with dependent kids.

[Anonymous]

Anonymous wrote:Unlikely - insurance is a gamble, you gambled your heirs would need the money if you died (I'd say you were lucky and didn't die!).

It isn't a gamble. OP paid for insurance coverage, and received exactly what he paid for.

[Anonymous]

Anonymous wrote:At 70 next year, the term policy monthly cost will $$$$kyrocket and would become impractical financially. I could put that money elsewhere. I also have a nice whole policy that will be an inheritance. I'm thinking of reaching out to Coventry and other similar companies to see if sellable. A few years back, term decreased from $1 million to $500K presently since adult kids are financially independent.

Anyone ever sold a Term policy to Coventry? I would love to recoup any $ from those years of payments.

If it becomes "impractical financially" for you, why would you think it would be practical for a viatical settlement company? After all, they have to pay the premium, and also pay you - it's less practical for them.

Term policies only have value for a viatical settlement when they are in the term (plus some other conditions). Sounds like you aren't in that situation.

[Anonymous]

I’m very confused. Term life insurance is not usually meant for someone 70 years old with adult children. It’s meant to be if you have dependents under 18 or those who would need financial support if you died.

Just stop paying the premium; you don’t need it any more.

Are you talking about whole life insurance? That is basically a costly bond or annuity with low returns and is usually not a great investment.

[Anonymous]

I took a 20 year term policy back in 2008. It expires in 2028 and my youngest graduates college in 2028 and I plan to retire 2028/2029.

I am more than happy that lose all my payments on my 20 year policy.

[Anonymous]

I think companies like Coventry will only buy term policies if the premiums are fixed. Are your premiums going up because you reached the end of the term? If so, there is little to no value in being a previous term policy holder, so no company is going to buy your policy.

[Anonymous]

The purpose of term insurance is to protect your income for your family in the event of untimely demise. You got what you paid for. Now you let the policy expire and be thankful you never had to use it.

[Anonymous]

I’m holding on to my spouses term life insurance and banking on his dying before me because that’s the only retirement income I can count on.

[Anonymous]

Anonymous wrote:I’m holding on to my spouses term life insurance and banking on his dying before me because that’s the only retirement income I can count on.

Never change, DCUM (DC Underwritten Murderers)

[Anonymous]

Looks like Coventry does purchase term life insurance. https://www.coventrydirect.com/about-coventry-direct/coventry-direct-reviews/

I'm going to check it out. We got a $2M fixed term policy for my husband because he had kids very late and will be retired when the youngest enters college in 3 years. Once that kid graduates, I'd love to stop paying the monthly premium and sell the policy if possible.

[Anonymous]

It's worth at least asking the insurer the question and examining the costs/benefits.

[Anonymous]

Anonymous wrote:Looks like Coventry does purchase term life insurance. https://www.coventrydirect.com/about-coventry-direct/coventry-direct-reviews/

I'm going to check it out. We got a $2M fixed term policy for my husband because he had kids very late and will be retired when the youngest enters college in 3 years. Once that kid graduates, I'd love to stop paying the monthly premium and sell the policy if possible.

Wow — I had no idea this was a possibility. Please share if you learn anything helpful!!

[Anonymous]

I’m not providing any company with an incentive that makes me worth more to them dead than alive.