Yes, you can sell your USAA Life Insurance policy. This is called a “life-settlement” or “viatical settlement.” It is a way to get a lump sum of money for your policy prior to your death.
When you sell your USAA policy for cash, you will be working with a life settlement provider. A life settlement provider will evaluate your policy and then purchase it from you. In most cases, you will receive more than the cash value of your policy that you were due to receive.
The process of selling your policy is relatively simple. You will need to provide your policy information, information about your health, and an estimate of your current life expectancy to the provider. Then, the provider will make you an offer for your USAA policy that you can either accept or reject.
If you accept the offer, you will receive a cash payment for your policy, and the provider will become the new owner of the policy. This means that any future death benefit of the policy will go to the provider, not to any of your beneficiaries.
Before you decide to sell your life insurance policy, you should carefully weigh your options, as it is a major life decision. You should speak to a financial advisor to discuss the tax consequences associated with a life settlement, as well as how it might affect your existing financial plan.
