There are a lot of different ways to make money with life insurance. This guide will discuss a few of the most popular methods. One way to make money with life insurance is to sell it as an investment. Another way is to use it as a retirement vehicle. Finally, life insurance can also pay for final expenses and estate taxes. We will discuss each of these methods in more detail below.
Sell Your Policy
Selling life insurance as an investment is a popular way to make money. You can sell whole life insurance, universal life insurance, or term life insurance. These are called life settlements.
- Whole life insurance policies have a cash value that increases over time.
- Universal life insurance policies have both cash value and death benefit protection.
- Term life insurance only has death benefit protection.
When you sell life insurance, you earn a commission on the sale. The commission’s size depends on the policy type and company you sell it for.
You can also use universal or whole life insurance as a retirement vehicle. There are two popular ways to do this.
- One way is to purchase a policy and let the cash value grow over time. Then, when you retire, you can use the cash value to supplement your income.
- The other way is to purchase a policy and borrow against the cash value. You can use the loan for any purpose, such as buying a new car or taking a vacation. In addition, the interest rate on the loan will be lower than what you would pay if you borrowed from a bank.
Pay Estate Taxes
Life insurance can also pay for final expenses and estate taxes. If you have a life insurance policy, the death benefit will be paid to your beneficiaries tax-free. This can help them cover any final expenses or estate taxes they may owe.
As you can see, there are many different ways to make money with life insurance. Which method is right for you will depend on your circumstances. If you’re looking for a policy that offers the potential to make some extra income, we can help. Contact us for a quote, and let us show you how much money you could be making with life insurance.
Need Help Getting Life Insurance Coverage?
Contact us if you need help purchasing a life insurance policy. The service is free of charge.