How To Get Paid Well For Your Life Insurance Policy
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. After all, nearly half a million seniors lapse their life insurance policies every year.
Not to mention, 90 percent 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
1 | The policyholder is age 65 or older.
2 | The policyholder is a United States citizen and current U.S. resident.
3 | Insurance type is one of the following: Universal Life (UL), Survivorship Universal Life (SUL), Convertible Term Life, or Whole Life (WL).
If you're interested in receiving a personalized life settlement estimate or have questions about the process, click here to fill out the form for a FREE Guide to Life Settlements so you can learn more now and find out if you qualify or call 714-271-2223 to speak to life settlement expert Allan Silverman.
4 | Death Benefit (face amount) is equal to or more than $100,000 with Illustrated premiums that are less than 5 percent of the face amount
5 | Policy is active and in-force for a minimum of 25 months (although some states require a policy to be in force for up to 5 years)
6 | Insurance carrier is based in the U.S. with A.M. Best Rating of B++ or better
If you meet the above qualifications, then the next step is to contact one of our life settlement experts to sell your life insurance policy. Just fill out the form below to do that now!
Steps To Selling Your Life Insurance Policy
1 | Determine your eligibility using the requirements above
2 | Your representative will help you submit the proper documentation and complete a medical interview
3 | Await your policy’s review and report to find out if you’ll receive a formal offer from a life settlement provider
4 | Consider your formal offer
5 | 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, we encourage you to fill out the form below so we can contact you if you qualify!
If you're interested in receiving a personalized life settlement estimate or have questions about the process, click here to learn more. All of the information you need is in our Free Guide.
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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