8 Steps to Selling Your Life Insurance Policy

To Find Out If You Qualify to sell your policy, get Your Free Guide.

Find out how valuable your life insurance policy is now so you can take the next step toward cashing it in. Your policy must have a benefit amount of $100,000 or more to qualify.

If you need funds for retirement or medical expenses and you fit the criteria, selling your life policy is something you should consider.

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8 Simple Steps to Selling Your Life Insurance Policy

Because a life settlement can be an excellent source of income to help pay for retirement expenses, no one should miss that opportunity simply because they don’t understand the life settlement process.

As life settlements become more popular and the word gets out to policy owners about the potential upside of selling their life insurance policy, those who are qualified and can benefit from these transactions will need more guidance about how to start the process.

Here are the 8 steps to a selling your life insurance policy for cash:

Step 1: Determine your eligibility For a Life settlement .

Are you 65 or older?

Does your policy have a death benefit amount of $100,000 or more?

Has your life insurance policy been active for at least 5 years, and is it with a US-based Insurance Company?

If yes, depending on your medical status, then you may be eligible to sell your life insurance policy.

Step 2: Decide if you want to involve an advocate (We recommend you do) and get a preliminary valuation.

The representation of an advocate, such as a broker, advisor or attorney, is highly recommend to ensure your expectations are met. You will want to involve that broker or advisor early on, and lean on them for guidance as you work through the process of selling your policy.

The Preliminary Valuation is also the first insight you will get into a projected policy settlement value. You will also receive a Formal Valuation later in the process that aligns with your expectations and helps you get the offer you're looking for.

Step 3: Submit an in-force illustration And Explore Alternatives.

You must request an illustration from your life insurance carrier that spells out what the minimum premium costs would be if you kept the policy until it matures – typically to age 100 – and if the net policy account value at maturity was $1,000.

Once you've completed this step, both you and your advocate will have what you need to determine the potential benefits and opportunities of a settlement.

If I was your broker and advisor, I would let you know your best options so you could make the very best decision for you and your family.

Step 4: Complete Essential paperwork and schedule A medical interview.

At this point, you will need to fill out a HIPAA form protecting your privacy, complete a medical questionnaire, and schedule a time for an interview about your current health and health history.

Click here to get your Free Guide and find out if you qualify (A benefit amount of $100,000 or more is required to qualify for a Life Settlement)

Step 5: Wait for Your Policy's review and Formal Valuation.

After you've submitted your paperwork and your broker obtains your Medical Records and Life Expectancy Report, they will be able to calculate the value of your policy and provide a Formal Valuation.

Step 6: Life Settlement Broker completes a formal valuation.

Your Medical Records and Life Expectancy Report provide vital information to ensure your policy is valued accurately so you get the maximum amount for your policy.

As mentioned earlier, this is also when you will get a Formal Valuation which confirms your desired rate of return and expectations and serves as a critical reference point for the settlement bidding phase.

You want to make sure your broker is using the most widely used software in the industry to accurately calculate your settlement valuation. We recommend using the "Model Actuarial Pricing Systems" software or MAPS for short.

Step 7: Underwriting Is Done to Ensure The value of your policy is maximized For Marketplace Bidding.

Your life expectancy has the greatest impact on the settlement value. The lower your life expectancy, the higher the value.

Make sure you provide a complete set of all medical records available, including specific diagnoses for a serious medical condition mentioned in doctor's notes. You need labs or evidence to support that diagnoses to get the most accurate max value.

We can't speak for other brokers, but at Silverman Life Settlements we guarantee maximum valuations and honor our fiduciary duty to always represent our clients' best interests. How do we do that? By going to the marketplace only with your most favorable life expectancy to get you the highest bid possible.

Step 8: Buyer Extends A Formal Offer For Your Review & takes over the policy If You Accept.

If you choose to accept the formal offer, you will receive cash in exchange for your life insurance policy. Now there is a closing process that includes contracts, but it should all be taken care of by your representative or broker.

After the settlement transaction, the buyer pays all future premiums and receives the payout benefits once you pass away.

Click here to get your Free Guide and find out if you qualify to sell your life insurance policy (A benefit amount of $100,000 or more is required to qualify for a Life Settlement)

Learn How To Sell Your Unwanted Life Insurance Policy For Cash

Your policy must have a benefit amount of $100,000 or more to qualify.

You can get a cash payout from your policy if it no longer serves a purpose for you. Choose a time on Allan's calendar below to get your free phone call consultation, plus get your free guide to life settlements emailed to you instantly.

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