Why Settle for Less?
Life insurance policies are owned like any other asset, and can be sold for cash as a life settlement to fund retirement, eliminate debt, pay for medical expenses, and more.
Already talking to a life settlement provider or broker? We might be able to find you a better offer with minimal effort on your part, so don’t settle until you review all your options!
Find Out if Your Policy Qualifies, and What it’s Worth
All life settlement companies have slightly different qualifications. Here are some general guidelines:
- The insured has a life-threatening illness
- If no life-threatening illness, the insured is 75 years or older
- The policy’s death benefit must be $100,000 or higher
You can find out right now if your policy might qualify – simply submit some basic information into the form and see the results immediately on-screen.
If your policy qualifies, we can put you in touch with a financial professional to help you evaluate your policy’s worth and best settlement options.
PolicyBank - Steps
Frequently Asked Questions
Don’t see your question listed below? Give us a call at (800) 296-5775.
What is a life settlement?
A life settlement allows you to sell your life insurance policy for a lump sum cash payment. In many cases, the amount you receive is significantly more than the surrender value. It’s a way to turn an unwanted or unneeded policy into immediate financial value. After the sale, the buyer takes over paying premiums and receives the death benefit in the future.
What is a viatical settlement?
A viatical settlement gives you the option to sell your life insurance policy and receive a cash payment while you’re living. It’s designed for individuals facing serious or terminal illnesses who want to access the value of their policy now. This money can help cover medical costs, support your loved ones, or give you more financial freedom during a difficult time. The buyer takes over the policy and receives the death benefit later on.
What are the settlement options?
Most life settlements are paid out as a one-time lump sum, giving you immediate access to cash. In some cases, sellers may choose to receive the proceeds in installments over time. Every settlement is tailored to your unique situation, and PolicyBank will walk you through the options to help you choose what’s best for your financial goals.
How much can I sell my policy for?
The amount you can sell your life insurance policy for depends on a few factors as well as the buyer. The best way to determine how much you might get for your policy is by speaking to a licensed professional who is well-versed in the life settlement process and can explain all your options to you.
What determines if my policy qualifies or not?
There are a number of factors that help determine whether your policy qualifies to be sold, including:
- The size and type of policy you own
- The insured’s health status and age
By completing the form on our website, you’ll get an immediate answer about whether your policy qualifies to be sold. From there, we’ll connect you to a licensed professional who can explain all your options and help you determine if a settlement is right for you.
What does the process look like to sell my policy?
Selling your life insurance policy is a straightforward process for most policyowners. The buyer will handle nearly all the heavy lifting, including gathering health and policy information from providers to valuing the policy, preparing closing contract documents, and working with the life insurance carrier to transfer ownership.
You Can Trust PolicyBank®
We exist to give policyowners the information they need to maximize the value of their life insurance policy. There are 2 important statistics we believe every life insurance policyowner ought to know:
More than $600 Billion in life insurance vanishes into thin air each year, approximately $100 Billion of which is owned by seniors whose policies could have been sold for cash.
ACLI Fact book, 2021
Seniors who sell their life insurance to a life settlement company receive on average EIGHT TIMES MORE than the default, carrier-approved cash surrender value.
Annual Market Data Collection Survey by Life Insurance Settlement Association, 2021
Don’t let your policy become a statistic, and don’t settle for less!