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We’ve all seen offers that are just too good to be true. It’s wise to be wary of any strategy that promises to get you cash quick, and retirees are especially good at spotting those coming from a mile away. But when we say you can sell all or a portion of your life insurance policy, even term insurance, for more than the cash surrender value, chances are you could easily qualify. Life settlements are a reliable and increasingly popular way for people nearing or in retirement to gain valuable extra cash. But how does it work? And how do you know if you qualify?
Basics of Selling Life Settlements for Cash
Life settlements are lump sums of money that are awarded to individuals selling off an unwanted life insurance policy. This usually applies to individuals over the age of 70 with policy benefits of $100,000 or greater. After filling out a questionnaire, we will review your personal information, the details of your policy, and medical records. Once approved, the qualified professionals at Life Settlement Advisors will begin interacting with independent third-party investors who are interested in purchasing these life insurance policies.
There are many reasons that a retiree or senior may want to ditch a life insurance policy, take the money, and run. You may find that premiums have grown too high for your budget, or you may have a term policy that is rapidly approaching its expiration date. You might even just find that you need to seek new ways to supplement your existing budget or income. Regardless of why, selling your insurance policy via a life settlement is an easy and effective way to help your financials during retirement.
What Determines if I Qualify?
The application process is a vital element of determining how much a life settlement is worth and if it’s the right choice for you. We suggest those considering life settlements take advantage of our life settlement calculator to find out if you qualify. The process only takes a few minutes and poses some basic questions, asking for age, health of the insured, what type of policy you own, the cash surrender value, and the death benefit. If you’re unsure of how to answer any of those questions, you may consider checking with your financial advisor. You can also contact Life Settlement Advisors for further inquiries. We’ll be happy to help you learn more about your potential settlement and the financial flexibility getting cash for your insurance policy can provide.
Case Study: Bill and Sharon both retired last spring. Their only son lived in Georgia, a five-hour road trip one way. Sharon convinced Bill to move to Georgia, so they could be closer to their grandchildren. Bill discovered that he could sell his life insurance policy and used the proceeds for a down payment on their new home in Georgia.
Life Settlement Advisors