Sell My Life Insurance

Sell My Life Insurance Policy

How do I Sell My Life Insurance Policy? And where do I start with this process? At Life Settlement Marketplace, there are many situations in which you might consider to sell your life insurance policy. Perhaps your home needs a new roof or you need to replace your car. If you do not currently have enough cash in the bank, selling your life insurance policy could allow you to pay those bills in full. You might also consider selling your policy if your monthly cash flow is negative. Perhaps your medication costs have increased or your taxes went up. Not having to pay a monthly life insurance premium might put your cash flow back in a positive direction.

Can I Sell My Life Insurance Policy?

Have you ever asked yourself the question, Can I Sell My Life Insurance Policy? Well, yes you can and many consumers are taking advantage of this opportunity. Find out how you can receive cash in days to help cover very important expenses. We are the company that buy life insurance policies which have the cash that policy holders need. If you’re in need of some cash? You might want to sell your life insurance policy, which will save you on the cost of premiums and put some money into your bank account. We’ve help many policy owner’s who asked the question, How to sell my life insurance?
The first step is to determine if you qualify to sell your life insurance policy. A settlement provider then makes an offer based on your age, quality of health, type of insurance, premiums and death benefit. The industry prefers people 65 or older can typically sell their life insurance policy as long as the face value of the policy exceeds $100,000. However depending upon your health their may not be an age requirement.People sell their life insurance policies for a variety of reasons. It’s often the best outcome to provide relief from a policy they no longer need. If you have a life insurance policy you can sell it for an immediate cash payment and this is formally called a a life settlement.

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Why Selling Your Life Insurance Policy Is a Good Choice

When you follow the advice of financial counseling professionals and buy a life insurance policy during your early or middle adult years, you might wonder if continuing to pay for the premiums is a good use of your funds. If your budget is tight, you might have to make some choices. Companies that buy life insurance policies could be the solution that you need in order to fix your monthly budget and improve your cash flow.

How Selling a Life Insurance Policy Works

If you want to sell your life insurance policy, contact Life Settlement Marketplace. We will provide an offer based on your age, health, and policy. If you sell, you will receive a cash payment that is larger than the cash surrender value but less than the death benefit. Life Settlement Marketplace takes over the premiums and receives the death benefit when you pass away. Overall, the process typically takes around 3 to 4 months to sell a policy, but we can put money in your pocket in as little as a week or two depending on the circumstance.
We work with multiple companies that buy life insurance policies and we make it simple and convenient. Just have your life insurance policy with you, along with proof of your identification and your payment history. We check to verify that your policy is up-to-date and that all of your paperwork is in order. After the verification process, you get a cash offer based on the value of your life insurance policy. After a company buys your life insurance policy, you no longer have to worry about paying monthly premiums.
That is the condensed version of how selling a policy works. To learn more, contact us at (888) 669-0002.

How Do I Qualify to Sell My Life Insurance Policy?

The simplest way to find out your eligibility is completing our form above to help calculate your life settlement. Listed below are some of the more important factors to assess a value for your life settlement offer.
  • Type of Life Insurance Policy: Whole Life, Universal Life and convertible term insurance policies are the premiere choices for a life settlement.
  • Face Value of the Policy: The life insurance policy that you want to sell for cash should have a minimum face value of $50,000, but there are some cases we require a minimum of $100,000.
  • Age: The majority of clients that sell their policies are 65 years of age or older but in some cases you can qualify at a younger age.
  • Health: Last but not lease many of our clients have health conditions or what's considered severe health conditions.
Learn How You Can Sell Your Life Insurance Policy for Cash And Receive Multiple Offers for Life Settlement Companies Within 24 to 48 Hours from Life Settlement Marketplace.

The Benefits of Selling Your Life Insurance Policy

If you sell your life insurance policy, it could help you to avoid going into debt. You might not have to worry about a leaky roof or choosing between paying for your medications and buying groceries. You will also be able to enjoy using the money that you have paid into the policy over the years. Selling your life insurance policy could be a wise financial choice for your future.

You Can Sell your Life Insurance for Cash

Do you know that you can sell your insurance policy? Insurance coverage is essential as it can help you deal with a number of risks. one of the most popular types of coverage is life insurance. Did you know that you could sell your insurance policy for a significant amount of money? Selling an insurance policy comes with many benefits that you may not enjoy if you choose to keep it. Some of the benefits include gaining access to a large sum of money, having the ability to meet the needs of your dependents, and getting rid of premium payments. Nonetheless, there are several things you should know when planning to cash in on selling your life insurance policy. First, you'll need to have your life insurance policy appraised to determine the selling value. Then, you'll need to find a buyer. Once you have a buyer in place, you'll receive a cash settlement and the buyer will pay any premiums and collect the benefit when you die.

When Should I Sell My Life Insurance Policy?

  • When you can no longer afford the premiums. Selling your life insurance is a great way to avoid letting your policy lapse if you can no longer afford the premiums. Letting your policy lapse can lead to little or no payout depending on the policy type.
  • When you no longer need to protect against income loss. Another reason to sell your life insurance is that you no longer have a spouse or children that would be dependent on the claim in the case of your death.
  • When your term policy is approaching its expiration date. Term policies typically expire with no cash value and expensive replacement costs. You may be able to convert your policy into permanent life insurance and then sell your life insurance policy for cash.
  • When you are looking to supplement your retirement income. Selling your life insurance policy allows you to supplement your retirement income so that you can stop penny pinching and live out your retirement years on your terms.
  • When you are looking to cover unexpected expenses. Finally, you can sell your life insurance to help you pay for any unexpected expenses you are facing which may include medical bills or long-term care.

The Qualifications

Many people who are in the retirement age bracket prefer to sell their insurance policies. When selling your policy, you need to meet certain requirements. For instance, most life settlements are exclusive to people above the age of 50. Additionally, there is a minimum value, which usually ranges between $100,000 and $300,0000. Policy selling comes with some risks that you should know about so that you can realize the full benefits of a life settlement. Consult a trusted insurer to learn how a settlement works and what to expect when selling an insurance policy.

The Buyer

The majority of people sell life insurance policies to investment companies. The buyers determine the policy's value based on the health of the policyholder and the face value of the insurance cover. Conduct due diligence to avoid fraudsters and companies that do not pay sellers on time.

What Do You Receive In Return?

Investors always want to get a high return on their investment. Companies offer a certain percentage of the policy's value when giving life settlements to policyholders. They pay future premiums so that they can get all the benefits that come with an insurance policy.

Special types of Settlement

A viatical is a type of settlement that applies to terminally ill policyholders. This settlement tends to attract more value than other life settlements. Buyers look at it as a less risky investment. Most viatical settlements go for up to 80% of their face value.

What Are The Risks?

Although the risks associated with selling a policy are few, it is important to understand how to mitigate such risks. You may not get insurance coverage in the future if you have existing health problems. When you opt for a life settlement, you waive the benefits of your insurance coverage. Analyze the risks, know your buyer, and understand what to expect in return when considering a life settlement.

Why Selling Your Life Insurance Policy Makes Good Financial Sense?

When you look at your financial situation, you might be wondering, Should I sell my life insurance policy? Many people who purchased a life insurance policy during their young adult years are faced with this situation as they become senior citizens. at the time you purchased it, the life insurance policy likely provided you with peace of mind. Now, the insurance policy could be draining the money you need in hand. Understanding how the process works and in which cases it makes sense to sell the policy will help you to make an informed decision about your financial future.

Am I Eligible To Sell My Life Insurance?

Now that you know that both permanent and term policies can be sold, it is important to note that there are certain eligibility requirements. If you don’t meet these requirements, it is unlikely that a settlement provider will be willing to purchase your policy. The most important life settlement eligibility factors are:  
  • Age/Health: Most people that ultimately sell their policies are 65+ years old or have a serious medical condition.
  • Policy Type: Universal, whole, and convertible term policies are all great candidates for a life settlement.
  • Policy Size: The existing policy should have at least $100,000 in face value.
In summary, to be eligible to sell your life insurance policy, it is best to be over 65 years of age or have a serious medical condition and own a permanent (or convertible) life insurance policy that has a face value of at least $100,000.  

Top 5 Reasons People Sell Their Insurance Policy?

1. You No Longer Have A Beneficiary

Perhaps you took out your policy when you still had dependents that would face financial hardship without your income. If you have since retired, or your beneficiaries are financially dependent, they may no longer need the death benefit from your policy.

2. You Are Over Insured

If you have more than one policy on yourself or both you and your spouse have high dollar policies, you may no longer need one of them. This is especially so if you have more insurance than you have beneficiaries that will need to replace your income when you’re gone.

3. You Can No Longer Afford The Policy Premiums Any Longer

If you can no longer afford an expensive policy, selling your policy is a great way to get some spending cash while also eliminating future premium payments. Talk with a professional to see what options are open to you.

4. Your Term Policy Is Approaching Expiration Date

When a term life policy is about to end, you have some decisions to make. You generally have to take action at least six months before the term ends. If you have a conversion rider, you can convert the policy to permanent insurance and sell it. Don’t let your term policy expire without considering the choices available to you.

5. You Need Cash Now More Than Your Beneficiary Needs Cash Later

If your beneficiaries are financially stable and you aren’t, consider selling your policy. Unanticipated costs crop up as we age. You may need money for long-term care, medical bills, or to bolster your retirement income. If your needs in life outweigh the death benefit that a non-dependent beneficiary would receive, selling your policy could be the right choice. Opting to sell your life insurance should be a well thought out move. It is always best to consult with a professional to ensure that you know what your best options are.