Did You Know That You Can Sell Your Life Insurance Policy?

Why Sell a Policy?

A life settlement through Green Settlements is a good option for individuals who have outgrown their need for a specific life insurance policy. Events such as the death of a beneficiary or change in financial circumstances are also reasons to update your life insurance coverage. A life settlement provides the policy owner an opportunity to gain more than the policy's cash surrender value. The life settlement market can provide substantially better compensation to a seller than what an insurance company will offer for a policy that is facing lapse or surrender. A life settlement can also be useful when a person in poor health needs to pay off medical bills.

There is a growing concern regarding how older adults will finance their health care and long-term care needs. Between 2010 and 2050, the U.S. population over the age of 70 is projected to double from 40.2 million to 88.5 million.3 People turning age 70 will need long-term care for an average of three years, and 2 out of 10 will need such care for five years or more.4 The money that seniors may receive from a life settlement helps them invest in their retirement, maintain their standard of living, and pay for health care and long-term care costs, among other things.5

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Who is Eligible?

Before filling out an application, only a minimal amount of information is needed to determine eligibility*.

  1. Age - Most companies require that the insured is at least 70 years old unless he or she is suffering or has suffered from a serious health condition.
  2. Policy Size – Most companies are searching for policies that have a face value, or death benefit, of at least $100,000.
  3. Policy Type – Whole life, universal life, survivorship universal life and convertible term life policies are the four most common types of policies for a life insurance settlement.
  4. Date of Issue – In most states, a policy must be in-force for 24 months or more to be eligible for a life settlement.*
  5. Health – Policies are most valuable when an insured is more impaired than initially predicted at the time of policy issuance. Those who become less healthy than expected over time are most likely to benefit financially from a life settlement.

What Are the Next Steps?

Step 1: Click on your state below
Step 2: Answer a few questions (takes about 60 seconds) to get a No Cost Evaluation

Are you interested in finding out if your life insurance policy qualifies for a life settlement? Please call us at (844) 669-5218 for a policy appraisal!

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1 Life Insurance Settlement Association – Life Settlement Regulation

2 Id.

3 A Report on Shortfalls in Medicaid Funding for Nursing Center Care". American Health Care Association. December 2012

4 Medicaid: A Program of Last Resort for People Who Need Long-Term Care Services and Supports". Wendy Fox-Grage and Donald Redfoot. AARP Public Policy Institute. May 2011

5 Life Settlements Help Seniors Pay for Healthcare, Long-Term Care and Retirement Income Needs, Coventry. June 20, 2013

6 States with a 5 year waiting period include Oregon, Nevada, Nebraska, N. Dakota, Iowa, Wisconsin, Ohio, W. Virginia, Delaware, Vermont, and New Hampshire. Minnesota has a 4 year waiting period.

* The Life Insurance Settlement Association

THIS IS AN ADVERTORIAL AND NOT A NEWS ARTICLE OR CONSUMER PROTECTION UPDATE. This site receives compensation for referrals, purchases, or product reviews made through our links.

We hope this information can help you, the consumer, accomplish your financial and lifestyle goals. This site is in no way affiliated with any news source. The story depicted here is for demonstration purposes only and everyone’s results will vary. This site contains affiliate and partner links. You are not authorized to use this site if you do not agree to our Terms of Use and Privacy Policy. Contents of this website are copyrighted property of the site owner. This website is intended for residents of the United States only. More than forty (40) states regulate the secondary market for life insurance, viatical settlements, and life settlements and more information is available from your state insurance commissioner. Any specific financial scenario illustrated above is for demonstration purposes only and results will vary based on the characteristics of a policy, the health of the insured, the condition of the secondary market, and other factors. We do not guarantee specific results from the purchase or sale of any life insurance policy.

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