Imagine if there was a way to stop paying high life insurance premiums and still receive the benefits from your policy in the form of cash right now…
While life insurance is sometimes the best option for many of us, the benefits of a life insurance policy tend to run their course as we get older. For seniors whose needs have changed and who are still paying high premiums, it’s possible to sell their life insurance policies in return for a significant cash value through a life settlement.
Before you stop paying toward your policy every month, consider selling it.
First thing’s first, what is a life settlement?
A life settlement allows you to sell your life insurance policy to a provider for more than the surrender value but less than the death benefit. The buyer then pays the policy premiums so you don’t have to.
This is a valuable option for many people. Nearly half a million seniors lapse their life insurance policies every year.
Not to mention, 90% of those seniors wished they had known about their life settlement options, according to the Life Insurance Settlement Association.
There are several other reasons to choose a life settlement besides avoiding excessive monthly premiums. You can receive money for medical expenses, take a trip, modify your home, and of course, avoid losing the value of your policy altogether.
The question remains… How do you get paid for your life insurance policy?
To better answer that question, it’s important to first know who qualifies for a life settlement.
Life Settlement Qualifications
- The policyholder is age 65 or older.
- The policyholder is a United States citizen and current U.S. resident.
- Insurance type: Universal Life (UL), Survivorship UL (SUL), Convertible Term Life, or Whole Life (WL).
- Death Benefit is $100,000+ with premiums under 5% of face amount.
- Policy active for 25 months minimum (some states require 5 years).
- U.S.-based insurance carrier with A.M. Best Rating of B++ or better.
If you’re interested in receiving a personalized life settlement estimate or have questions, click here for a FREE Guide or call 714-271-2223 to speak to a life settlement expert.
Steps To Selling Your Life Insurance Policy
- Determine your eligibility using the requirements above.
- Your representative will help you submit the proper documentation and complete a medical interview.
- Await your policy’s review and report to find out if you’ll receive a formal offer.
- Consider your formal offer.
- Receive a lump sum payment when the buyer takes over the policy.
It’s important to weigh your options and know the facts about life settlements before making a decision. For more information, click here to get your free guide.