Home»Insurance • » How to Make Money with Life Insurance
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.
Table Of Contents
- Sell Your Policy
- Retirement Plans
- Pay Estate Taxes
- Next Steps
- Need Help Getting Life Insurance Coverage?
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.
Retirement Plans
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.
Next Steps
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 circ*mstances. 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.
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Shawn Plummer
CEO, The Annuity Expert
Shawn Plummer is a licensed insurance agent and annuity broker with over a decade of first-hand experience. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.
The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates.
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