If you could no longer afford your insurance policy or were no longer keen on continuing your current policy for whatever reason (such as finding a better value deal elsewhere), then your only option used to be to surrender your insurance policy to your insurance provider. In this instance, they would pay out a certain percentage of your remaining premiums before taking out an administrative fee. As we can see this is not necessarily a financially wise option, but sometimes we understand you may feel like you have no choice.
It is clear now that insurance agencies actually make more money when you surrender your insurance policy. This could be the reason that insurance providers are not quick to highlight a third, potentially more lucrative option. In today’s world, you could actually sell your insurance policy to a buyer or broker. This can be more worthwhile than surrendering your insurance policy back to your insurance provider.
Thankfully, the process of actually selling your insurance policies is a rather simple one. You normally just submit your policy details, along with a benefit of illustration, where it is then evaluated by analysts at an insurance policy brokerage or buying firm. They then come back to you with a no-obligation quote. Then depending on whether the company is buying the policy directing from you, or helping you broker a deal with a buyer, you can end your obligations to the policy and walk away with cash.