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Considering selling your term life insurance policy?

Fact Checked

Updated: 19 May 2024

What is selling your term life insurance policy all about?

Retirees in Australia used to have the option of selling their term life insurance policy for a percentage of the original value of the policy. In the past, select companies once paid up to 15 per cent of the value of the term life insurance policy.

Once sold, these companies owned the term life insurance policy and were responsible for paying the life insurance premiums until the seller passed away. After the seller passed away, these companies received the life insurance benefits.

There was no limitation on how the resulting money could be spent, so reserch had to be undertaken before any rash decisions over such a large sum of money were made.

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Questions to ask when considering selling your term life insurance policy

When this service used to be available, there were a few questions that clients were asked to take into consideration:

Get advice on your term life insurance policy

Get advice on your term life insurance policy

Please be aware that selling your term life insurance policy is no longer an option in Australia. However having said that, an insurance specialist can offer advice on your life insurance policy, and compare policies to ensure your premiums are still competitive.

Being cautious, doing your research and getting additional financial advice can help you find the right term life insurance policy. Get free term Life Insurance Quotes from ComparingExpert today!