Like your home or your car, your life insurance policy is your personal property and it can be sold through a life settlement.
Many people are unaware that a life settlement is an option in addition to cancelling or surrendering your policy back to the insurance company. A life settlement is the sale by the owner of a life insurance policy to a third party for an amount greater than its cash surrender value and less than the death benefit. In many circumstances, a term insurance policy can also be sold. The seller of the policy receives the cash payment. The buyer will assume all future payments and will receive the death benefit when the insured passes away.
There are studies that indicate sellers of policies who sold their unwanted life insurance collectively received more than four times the amount they might have received had they surrendered the policy to the life insurance company.
Read more: The US Government Accountability Office Study of 2010 deemed that U.S. policy owners received 4 to 8 times more than the policy cash surrender values from a life settlement from 2006-2009. Every situation is unique to the final outcome.
Our firm is recognized as the most compliant firm for life settlements as we conduct a Keep vs. Sell analysis to provide the policy holder with all the information needed to make an informed decision. Please call us today at (877) 927-7243 for more information. You can also get an Instant Estimate of the potential settlement value of your policy.