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If you are in retirement or thinking about retiring soon, a life settlement might be right for you. What is a life settlement in the first place? Basically, if you have a life insurance policy that either you don’t need anymore, or you want to get rid of your monthly premiums, you may be able to sell your policy to a third-party investor. So, you get a lump sum of money for it now, instead of cashing it out at a lesser amount in the future. Now all you need to know is how to sell your policy in order to get the most out of your retirement years.
The Process of Selling a Life Insurance Policy
First, check out the Qualification Calculator to see if a life settlement is right for you. By giving us some basic information about yourself and your current life insurance policy, we can determine if you qualify. Once you’ve done that we can move on to the next step.
If you do qualify, this next part is almost as easy as the first step. Simply download or request the questionnaire form then fill it out. After filling out the form, send it to us along with a copy of your life insurance policy and we will take it from there.
At this point we, along with an independent third-party team of underwriters, will determine whether or not you qualify by looking at your questionnaire, policy, and medical records. When we have determined that you have a qualifying policy we will present any offers from prospective buyers.
The final step is as straight forward as it gets. If you choose to accept one of the offers presented, a closing packet will be sent to you for completion. Funds will sit in escrow until the closing packet is returned and the change of ownership and beneficiary designations have been executed by the insurance company. Upon notification from the escrow agent that ownership and beneficiaries have changed, the sale proceeds are released to you.
We’re Here to Help
The whole process is just as easy as that. If you are a retiree and want to knock off a few things on your retirement bucket list, help cover the cost of an unforeseen medical expense, or if you’re on a fixed income and you just need a little help to cover bills, a life settlement might be the right move for you. Do you have any questions about how to sell a life settlement? Please feel free to contact us and we will be happy to answer them.
Case Study: Gerald sold his business last year due to a chronic illness. Gerald did not know he could sell all or a portion of his life insurance policy, even term insurance, until his financial advisor informed him. Gerald sold his $250k policy for $40k and used the funds to pay off a few medical bills and plan a few trips to visit the grandkids.
Life Settlement Advisors