What is a life settlement?
A life settlement is a financial transaction in which the owner of an existing life insurance policy sells the policy to a third party for a lump sum of cash. The third party, then assumes ownership of the policy and becomes the beneficiary. The life new owner will collect the death benefit when the insured person dies.
Why sell?
Life settlements can be a good option for people who no longer need or want their life insurance policy. For example, people who are nearing retirement may no longer need life insurance to protect their loved ones financially. Or, people who have health problems may want to sell their policy to get cash while they still can.
Here are some of the benefits of life settlements:
Here are some of the benefits of life settlements:
- You can get a lump sum of cash that can be used for any purpose, such as paying off debt, funding retirement, or covering medical expenses.
- You can no longer be responsible for paying premiums on the policy.
- You can avoid the surrender charges that would be assessed if you simply surrendered the policy.
Why work with us?
Founded in 1998, our parent company, Senior Settlements pioneered the life settlements marketplace. The team at Senior Settlements introduced the asset class to Wall Street and completed the first capital markets transaction in 1999. Since that time, Senior Settlements has traded billions of dollars of face value and continues to be a leader in the growing $5 billion a year market. Having been in the industry since its inception, Senior Settlements has contacts in all areas of the field. What does this mean for you? This means that Senior Settlements has shopped your offer to their over 250 contacts to ensure you are getting the highest possible value for your policy.
What types of life insurance can be sold?
Most types of life insurance qualify
- universal life
- whole life
- variable life
- survivorship
- group life
- term life
What is my policy worth?
The offers for policies vary based on age, health policy size, premiums, etc. To find out what your policy is worth, fill out our quick quote policy form.
How can a Life Settlement help me?
You can use the money for anything you choose.
Does it cost anything?
Selling your policy through Senior Settlements Life Quotes is free of charge.
What is the process?
Life settlement process:
- Determine Eligibility. Now that you have found Senior Settlement Life Quotes, you just need to answer a few questions about yourself to see if your current life insurance policy qualifies.
- Provide information about your policy. Senior Settlement Life Quotes will need to collect some information about your policy, such as the policy number, the insured person's name, the death benefit, and in some cases medical records will be required.
- Sign a life settlement agreement. Once you have agreed on a price for your policy, you will need to sign a life settlement agreement. This agreement will outline the terms of the sale, such as the purchase price, the payment schedule, and the conditions under which the sale can be canceled.
- Receive Lump Sum Payment. Once the life settlement agreement is signed, Senior Settlements Life Quotes will pay you the agreed-upon lumpsum price for your policy.
- The life settlement provider takes over. Once the life settlement is complete, the life settlement provider will assume ownership of your policy. They will be responsible for paying any future premiums and will receive the death benefit when the insured person dies.
We provide a free and fast offer. We work to ensure our process is efficient, continuing to provide the highest offers in the industry.