Life Settlements

What You Need to Know About Life Settlements

A life settlement occurs when an individual sells their life insurance policy for cash. They can then use the money fund items such as retirement, living expenses, or medical bills. A life settlement is a viable option for policy holders who wish to benefit from their policy’s funds now instead of later. Sell My Life Insurance Policy streamlines the process by connecting you with life settlement companies that are ready to make an offer for your policy.

Who is Sell My Life Insurance Policy?

Sell My Life Insurance Policy was created to simplify the life settlement process. We do this by connecting you with multiple life settlement companies at once, saving you the hassle of individually researching and reaching out to companies. After putting you in touch with our life settlement partners, you select the best company for your needs and receive an immediate, lump-sum payment for your policy. To get started, complete our simple, 2-step form. In few clicks, you’re on your way to getting immediate cash for your policy!

Why Should I Sell My Life Insurance Policy?

  • You need additional funds for your retirement.

Life after retirement can be expensive. You may be struggling to pay daily living expenses. Or maybe you don’t have enough to do what you really want such as traveling. Whatever the case, a life settlement is a great option for adding money to your retirement fund.

  • You need money for medical bills.

Ongoing medical expenses can be costly, especially if you’ve been diagnosed with a life-threatening illness. Money from a life settlement can help with paying off medical bills and funding future treatments.

  • Your beneficiaries no longer need the funds.

You’ve likely named your children as the beneficiaries of your life insurance policy. If your children are grown and financially independent, these individuals may no longer need the funds from your policy.

  • You have multiple life insurance policies.

You may have taken out more than one life insurance policy to ensure that your family was fully covered. Now, coverage from multiple policies may no longer fit your needs. Selling one of your policies is a great way to benefit from your life insurance now.

  • You struggle to afford the premium payments.

As you get older, your premium payments increase. This can be burdensome in addition to all your other expenses. A life settlement allows you to to be free from costly premium payments so you can put your money to better use.

Frequently Asked Questions

Can I sell my life insurance policy?

Yes. Life settlements have been legalized for over a century. In 1911, the Supreme Court ruled that policy owners have the right to sell their life insurance policy.

Who qualifies for a life settlement?

Policy holders must meet certain criteria in order to qualify for a life settlement. In order to qualify, you must be 76 years of age or older if you’re in generally good health. Otherwise, you must be diagnosed with a life-threatening illness.

In either case, you must have a life insurance policy of $100,000 or more.

How can I sell my life insurance policy?

The life settlement process is quick and easy when you use Sell My Life Insurance Policy. Fill out our 2-step qualifier form and we will connect you with our interested life settlement partners. Once connected, they will verify your medical and policy information. Once verified, you can receive an offer for your policy. Upon acceptance of the offer, you receive a lump sum payment and the company becomes the new policy owner.

Viatical vs. Life Settlements

Those with a life-threatening illness such as cancer, ALS, or Alzheimer’s may qualify for a viatical settlement. This is a type of life settlement specifically for people diagnosed with a serious illness. To see if you qualify for a viatical, fill out our simple form!