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
Who is Eligible?
Before filling out an application, only a minimal amount of information is needed to determine eligibility*.
- 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.
- Policy Size – Most companies are searching for policies that have a face value, or death benefit, of at least $100,000.
- 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.
- Date of Issue – In most states, a policy must be in-force for 24 months or more to be eligible for a life settlement.*
- 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!