top of page

Have more questions about life settlements?

A life settlement is the sale of an unneeded or unwanted policy in exchange for its fixed-cash value. According to a ruling by the US Supreme court dating back almost a century, a life insurance policy is considered your personal asset just like any other personal belonging. You can sell it at any time and receive immediate payment. Check out some frequently asked questions below:

  • What types of life insurance policies can be sold?
    Policies such as universal life, whole life, adjustable life, variable life, survivorship, joint first to die, portable group life and even term life are all eligible to be sold in the secondary market.
  • Wouldn't it be easier to return my policy for the surrender amount?
    This can be a very costly decision. As a general rule, the surrender amount is a fraction of what we can sell it for in the secondary market.
  • How much could I expect to receive if I sell my life insurance policy?
    Policyowners who choose a life settlement typically receive on average more than 4-5 times what they would receive from the insurance provider by surrendering their policy back to the life insurance company.
  • Can I sell a portion of my life insurance policy?
    Yes, This is where we would come in and handle all of the premium payments for you. In return we would retain a portion of the death benefit.
  • What are the qualifications for selling an existing policy?
    If you are 65 or older or have had a change in health and the face amount of your life insurance policy is at least $50,000 your policy may qualify to be sold in the secondary market.
  • What can do with the funds I receives from the policy?
    There are absolutely no restrictions on the use of the proceeds. The cash settlement can be used for whatever purpose you desire. Most often, our clients use the settlement to cover medical, living, or other expenses.
  • What do I need to get started?
    The process is simple and non-intrusive, and no medical exam is ever required. One straightforward request form begins the process.
  • Can I work with you through my advisor?
    Yes. We can work with your trusted financial advisor, personal attorney, insurance agent, or even a family member if you choose.
  • How long does the appraisal process take?
    On average, it takes approximately 6-8 weeks to have an appraisal conducted. The most time consuming phase of the process is obtaining information from your doctors and insurance company.
  • Are there any costs to the appraisal process?
    At Settlement Benefits Association, we conduct policy appraisals without cost or obligation.
  • Is a medical exam required?
    No, a medical exam is not required. We will be requesting medical records from your doctor, and that will be sufficient to conduct the appraisal.
  • Can I put more than one policy on the same appraisal request?
    Yes. If you need additional space for anything, simply use a separate additional sheet of paper.
  • Should I call my doctor, and let him know that you will request medical information?"
    While this is not necessary, it can only help to expedite the process. The faster we have that information, the faster we can conduct the appraisal.
  • Can I fax you the appraisal request form?
    Yes. The form can be faxed to 866-733-3369. Originals are not necessary at the time of request.
  • What if I don’t want the offer?
    Then, simply do not accept it. There is absolutely no obligation on your part to accept any offer. The appraisal value we determine for you is still good information to help you understand your financial picture.
  • How long does it take to get the funds from my policy?
    Funds are released from escrow within 72 hours of the buyer’s receipt of confirmation of change of ownership and beneficiary rights from the insurance company.
  • And finally...Is a life settlement legal?
    Yes. According to a U.S. Supreme Court ruling stretching back almost a century, a life insurance policy is considered your personal property. You can sell it, trade it, or give it away. Your insurance company generally has no right to block or question your assignment of policy rights.

Have more questions? Email your questions to info@liferedeem.com

bottom of page