Can I Sell My Life Insurance Policy?
Can I Sell My Life Insurance Policy?
Many people have no idea that they can sell their life insurance policy and receive immediate access to cash. Every year, millions of policy owners sell their life insurance policy for immediate funds through a process known as a life settlement. At Sell My Life Insurance Policy, we bring life policy buyers and sellers together to make the life settlement process as easy as possible. If you are interested in receiving immediate funds from your policy, we can help you find the right buyer for your life settlement.
What is a Life Settlement?
When you enter into a life settlement agreement with a buyer, it means that you agree to sell your policy in return for a lump-sum payment. The buyer would then take over paying the premiums on your policy to keep it in force. Essentially, you receive the money now and the buyer receives a payout from the life insurance company upon the insured’s passing.
Why Would I Want to Sell My Life Insurance Policy?
Life circumstances change and a policy that once worked well for your circumstances might no longer fit your needs. For example, maybe you purchased the policy when your children were adolescents and they are now middle-aged and earn a decent income of their own. You could struggle to fit the premium payments into your monthly budget and would prefer to benefit from your policy’s value now instead. Or maybe you simply want to have additional money to fund your retirement or pay off existing debts.
An immediate payout can also give you the cash you need to pay for medical expenses, long-term care, or something more enjoyable such as a vacation or starting a business in retirement. Whatever the reason, when you receive the funds from a life settlement, you have the freedom to use the money however you choose.
What Qualifications Do I Need to Meet for a Life Settlement?
Unlike a viatical settlement that requires you to have a life-threatening illness to sell your life insurance policy, this is not a requirement for a life settlement. Instead, a life settlement is based on age. You must be at least 75 years old to sell your policy through a life settlement if you are healthy and don’t have a life-threatening illness. Additionally, you must have a policy value of at least $150,000.
How Would I Go About Selling My Life Insurance Policy?
Perhaps you are interested in selling your policy but don’t want to go through the hassle of researching and contacting individual companies that buy life policies. If so, we have good news for you. Sell My Life Insurance Policy does the work for you buy putting policy owners in touch with companies that are interested in purchasing policies. After you submit our simple online form, we connect you with several companies that may be interested in purchasing your policy. Here is the typical process for selling a life insurance policy:
- Complete our online form to immediately find out if your policy qualifies for a life settlement.
- Companies interested in your policy will contact you to learn more about you and your policy.
- Upon verification of your information, an offer for your policy is presented to you.
- If you accept the offer, a contract is signed by both parties and you receive an immediate lump-sum payment.
The amount of time it takes to complete a life settlement depends on many factors. However, some companies can complete the entire process in as little as 1-2 weeks.