Learn how to sell an unwanted or unneeded life insurance policy.
You may want to consider selling your policy if…
You simply don’t need your policy anymore
You’re over the age of 65
The face value of your policy is over $100K
Imagine if those people knew they might have been able to sell their life insurance policy for cash. What would that have meant for them and their families?
The extra money earned from selling a policy could have been used to:
- Supplement retirement income
- Cover unexpected medical expenses
- Fund long-term care or caregiving costs
- Pay down debt
- Travel
- And more
PolicyBank exists to make sure you get the most value possible from your policy!
Frequently Asked Questions
Can I sell my life insurance policy?
The answer to this question depends on a few unique factors and characteristics about you and the policy. A PolicyBank expert can walk you through a brief questionnaire about the policy details – like its face amount, which insurance company it was sold through, when it was issued – as well as the owner’s health status to get a better understanding of whether your policy qualifies to be sold.
How much is my policy worth?
The best way to determine how much money you could get if you choose to sell your life insurance policy is by speaking with one of our experts. They will ask you a few questions about the policy and using that information, they can give you an appropriate estimate for how much your policy may be worth. There is no cost or obligation to sell if you choose to speak with an expert – we’re here to help you understand the potential value and use that information to decide what makes the most financial sense for you and your family.
How does selling a life insurance policy work?
The first step in the process of selling your life insurance policy is to determine your policy’s eligibility. You will speak over the phone with one of our experts to answer a brief questionnaire about the policy details and the owner’s health status.
From there, if your policy qualifies, you will sign an Authorization form that allows our team to collect even more information about your policy to value it. Once a member of our team has an estimate to share with you, they will contact you directly.
It is then up to you to decide what makes the most financial sense for you and your family. If you do choose to sell, our team will work on your behalf to find a buyer. After a buyer is secured, there will be some final documentation for you to sign to approve the transaction, and shortly thereafter you will receive the funds for selling your life insurance policy.
The most important thing for you to remember is you won’t be taking this on alone; the PolicyBank team will be with you at every step of the way to make sure you’re informed on exactly what’s happening and what you should expect.
