Find Out If You Qualify For Life Insurance Settlements
The ability to change in response to changing circumstances is a key when organizing your personal finances. It was probably changes on the horizon that provided the initial impetus for you to buy that term life insurance policy in the first place. Years later, you might be looking at your new shifting circumstances and decide that the best course of action is to get out from under those burdensome monthly premiums in favor of a lump sum payment designed to alleviate worries about financial insolvency today rather than at some point in the future. To see if you qualify for this approach with a life insurance settlement, continue reading for general information to help guide your decision making process.
Secondary Market Insurance Solutions
Selling your term life insurance policy — known as a secondary market insurance solution — is a solid way to gain a life insurance settlement that is available to help you in your time of need. Specifically, elderly Americans can benefit by:
- Reducing/eliminating of monthly premiums
- Creating financial security for retirement
- Funding long term medical care
- Creating short term liquidity
For businesses and organizations, selling your life insurance policy on the secondary market can be a response to changing business situations like bankruptcy, mergers, or acquisitions. Understanding the benefits will help you decide whether this is the ideal course of action for you, a loved one, or business associates.
Who Qualifies for a Life Insurance Settlement?
Generally speaking, there a number of conditions that readily apply themselves to these changing circumstances. Specifically, changing health concerns and the monetary value of the policy can make selling that policy attractive.
- Policy was issues as standard or preferred policy
- Policy holder had change in health since issuance
- Policy holder has median life expectancy of 15 years or less
- Low cash value policies unencumbered by loans
- Low premiums
- Policy matures at age 100 or later
To discover whether your life insurance policy can be sold for a lump sum life settlement payment, reach out to our team of knowledgeable experts to determine the best course of action toward making your retirement years financially comfortable.
See if you qualify by filling out the form!