Policy Pros are experts in providing solutions for your current life insurance needs. We will work with you and your family to help you make the decision that is right for you.
Life Settlements
What is a Life Settlement?
Life settlements are a means by which a person, who no longer has a need for their life insurance policy, can sell the policy for cash. Often people do not know this option is available to them, and they simply let the policy lapse, losing out on years of premiums paid into the policy. With a life settlement, you transfer ownership of your life insurance policy to a third-party. The buyer pays you a lump-sum of cash, takes over all premium payments, and receives the death benefit.
Who qualifies for a life settlement?
- Persons 65 years or older or individuals with certain medical conditions
- The policy must have a death benefit of at least $75,000
- The policy must be in force for at least two (2) years
How much is my policy worth?
There are many factors considered when generating an offer on any given policy. The top three factors include: the face amount (death benefit), the amount of premiums due each year, and the projected life expectancy of the insured. Every policy and insured present their own unique scenarios. This requires us to review an application, medical questionnaire, and an in-force illustration to estimate the value of a policy.