(WHTM) — Everyone is looking for ways to make extra cash including senior citizens. A new trend is emerging among the 75 and older crowd.

“A lot of people don’t know that they can sell their life insurance policy. We call that the insurance companies’ dirty little secret,” Scott Page, CEO of WeBuy75 says.

Page is a retirement and financial expert, his company helps people sell their life insurance policies.

“People bought insurance policies 20 years ago because their children were in college or because they had to pay for a house. Circumstances change and now seniors have the ability to sell that policy and get the benefit for themselves. They recoup the premiums they pay and it gives them some extra cash to make their golden years the best that they can,” Page said.

Close

Thanks for signing up!

Watch for us in your inbox.

Subscribe Now

This Week in Pennsylvania

When you sell your life insurance policy, you receive a settlement; it will be less than the full amount of the benefit. The average ranges from 10 to 25%.

That can be a pretty hefty sum — totaling thousands of dollars.

Before making the decision to sell however, Page says its important to consider several factors,

“First of all, they have to determine why they bought the life insurance. If you bought a policy as a security blanket to take care of something and if that circumstance is still the same. Then we advise them to keep their policy if they can afford the premiums,” Page said.

One way to make money is to take a look at what you own and sell it.

Scott says a life insurance policy is no different.

“We’re taking that asset that’s worth nothing to them right now until they pass away and getting the access to the cash now and recovering the premiums they paid for the policy,” Page said.

Show Me The Money: Amazon Scams

For some, this is a way to pay for medical bills or daily expenses. For others, it’s a way to make up for lost time.

“We’re seeing seniors making up with travel, they’re going out and doing social events. They are not letting any moss grow under their feet and we love it. The more active a senior can become, more healthy they’re going to be, and the longer they’re going to live,” Page said.

Seniors have spent their whole lives taking care of others. Scott says many are deciding now is the time to be a little selfish and live for themselves.

“I think what we’re seeing is a re-emergence specifically after the pandemic where seniors want to live their life to their fullest and here’s a way to get the extra cash they need to do it,” Page said.

Of course, this is not something you should take lightly. Weigh your options, think of all the factors and alternatives. You may also want to talk it over with the beneficiaries of the policy too.

For the latest news, weather, sports, and streaming video, head to ABC27.