When a policyholder sells a life insurance policy for cash, the transaction is referred to as a Life Settlement. The buyer pays all future expenses related to the policy and collects the death benefit.
Do I Qualify?
Insureds over the age of 70 or those with terminal illnesses of any age can qualify. The type, size, and cost of your life insurance policy will also play a role in determining if a buyer will pay for your policy.
Who buys the policy?
Buyers in the life settlement market must be approved and licensed as a “provider” in the state that governs your transaction.
How long does it take?
The process of selling a life insurance policy can be completed in as little as a few weeks. The buyer will underwrite your health and evaluate your life insurance costs before determining the price they are willing to pay.
How much is my policy worth?
Every situation is unique, but according to a London Business School study, the average life settlement delivers 400% more value than simply surrendering a policy.
Is it taxable?
You will need to work with a tax professional to determine your specific tax situation. Depending on factors such as your health, premiums paid on the policy, and your tax bracket, you may have tax consequences from the sale of a policy.
Who should I work with?
At Don’t Lapse, we help you get your value out of your policy. We work with a network of trusted licensed professionals that can assist your with this transaction.
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