Is a Life Settlement Right for You?
Do you have a life insurance policy that you no longer need or can’t afford? If so, you may want to consider a “life settlement.” With a life settlement, you sell your life insurance policy for a lump sum, typically more than the cash surrender value you would get from your insurance company.
In fact, selling your policy could bring you as much as six times the cash surrender value, on average. You can sell any type of life insurance policy, even term policies. You can sell directly to a buyer, or you can work with a life settlement broker. A life settlement broker will market your policy to multiple potential buyers, giving you the opportunity to get the highest possible sale price. Selling directly to a buyer on your own may result in obtaining a lower offer.
Life insurance settlements have been legal since 1911 and are highly regulated by Departments of Insurance across the country, so they’re a safe financial option. Going from initial policy review to a completed sale typically takes between three and five months.
The most time-consuming part of the process is obtaining five years of medical records and getting premium projections from the insurance company.
A life insurance settlement can be a smart option but isn’t for everyone. So, before you let your policy lapse or surrender it, find out if a life insurance settlement might be a better financial option. We can help you determine whether a life insurance settlement is right for you.
Call us today to learn more!
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