About Prosperity Life Settlements
At Prosperity Life Settlements, we believe that millions of Americans have financial freedom locked away in a life insurance policy that they no longer want or need. We are dedicated to helping policy owners discover the hidden value in their life insurance policies.
This dedication is evident in our work ethic, and in the way, we devote ourselves to each individual client. At Prosperity Life Settlements, helping you sell your life insurance policy is not only our “job”, but it is also our passion!
We strive to educate our clients and all consumers about the viability of life settlements. Though this is a lesser-known option when it comes to future planning, it can be one of the best opportunities for today’s seniors.
Frequently asked questions.
What is a Life Settlement?
A life settlement transaction is when the seller (the policy owner) transfers ownership and beneficiary rights of a life insurance policy to a buyer, a licensed life settlement provider.
At what age can I sell my policy?
Life settlements are generally for individuals aged 70 or older. However, if you are younger than 70, you may still qualify, depending on your policy and health status.
How much is my policy worth?
Settlement payouts will vary from case to case, primarily depending on the insured’s age, sex, and current health status. But rest assured: Prosperity Life Settlements works for YOU, and will work to get you the highest possible settlement for your policy.
Which policy types are eligible for a life settlement?
Universal Life, Whole Life, Term, Convertible Term, Joint, and Second-to-Die life insurance policies, issued by a US-based insurance carrier, and with a face value of at least $100,000 will normally qualify for a life settlement, depending on the insured’s age, sex, and health status. To be eligible, life insurance policies must be at least 2 years old.
Will I continue to pay premiums after my policy is sold?
No. Once your policy is sold you will not be responsible for any future premium payments.
Can’t I just surrender it back to the insurance carrier?
Yes, however, we strongly advise against this as your insurance carrier will likely only give you a fraction of the amount of money you could receive from a life settlement.
Can’t I just sell this policy on my own?
While theoretically, you could sell it on your own, we highly advise against this. Life Settlements are complex legal and financial transactions. Professional life settlement brokerage assistance is absolutely necessary for complying with regulatory requirements, and the fiduciary responsibility we have to our clients maximizes your settlement. Let us do the work for you!
Will my privacy be protected?
Are the proceeds taxable?
In most cases, yes. We advise you to consult with your CPA and/or tax professional for more information as we are unable to provide any tax advice on this matter.
How can I use the proceeds?
There are no restrictions! You can spend your settlement money any way you’d like.
Is this legal?
Yes! A 1911 U.S. Supreme Court decision (Grigsby v. Russell) deemed life insurance policies as private property. You can sell your policy just as you can sell your car, house, or any other asset. Life settlements are regulated by state insurance departments in most states.
Can I get cash for my policy and still keep my coverage?
Yes, in some cases you can maintain a portion of your policy’s death benefit while still receiving cash.
Read some of our recent success stories.
“I purchased a $1 million policy to provide income protection for my wife. After my health unexpectedly declined, I was forced to take early retirement. Without my income, the premiums on our policy became more difficult to afford. The policy had no cash value so we looked for an alternative to lapsing it. Prosperity Life Settlements was able to sell my life insurance policy for $130,000, which allowed me to alleviate some of our financial concerns and continue to provide me with the medical care I needed.“
“I had a $500,000 life insurance policy. Due to increasing premiums, I was facing cash flow problems in my restaurant. I was forced to make the decision to either continue to support my restaurant or my life insurance policy. I was able to sell his policy and keep $138,000 in insurance coverage with no future premiums. I was able to put those funds previously used for my premium payments into my business.”
“I had a $600,000 life insurance policy that I had taken out to provide for my wife and children. The increasing premium costs became unaffordable and I thought my only option would be to let the policy lapse. Then I learned from Prosperity Life Settlements that I could sell my policy and retain a portion of the death benefit. This was a win/win for me. I was able to keep $52,000 of life insurance coverage for my wife and children with no future premium payments.“
“I purchased a Universal life insurance policy for estate planning needs and income protection. Due to changes in my estate, I no longer needed the same level of coverage and didn’t want to pay the ongoing premiums. I was going to let my policy go when I learned he was able to sell it through Prosperity Life Settlements. I received $59,200 for a policy where I would have otherwise received nothing.”
“Prosperity Life Settlements helped me understand that there was value on my policy and I shouldn’t let it expire. My annual payments kept getting higher and higher, but after filling out the paperwork, they helped me sell my policy and get a big cash settlement for it. I was impressed by their professionalism and the ability to follow up with me.”
“I had a long term care policy that I had taken out years ago to help my family cover my ongoing medical expenses. I also owned a $500,000 life insurance policy. I no longer had the money to make premium payments on both the life insurance and my long term care policy.
I didn’t want my ongoing expenses to be a burden to my family. I did some research and learned that I was a candidate to sell my life insurance policy and receive a cash payment. I was able to sell my life insurance policy and use the cash payment of $65,500 to continue paying premiums on the long term care policy. My family was relieved that I would continue to receive the proper care that I deserve.”
“Life settlements helped me get started in the insurance world. I was struggling to make money and finding a good niche to specialize in. Now, all I do is contact seniors and provide them with an option that makes them money that they can use, instead of selling them policies that they will never touch.
In a few months, I’ve been able to find many clients who had a policy that they didn’t need anymore. Michael, one of my top clients, had a huge policy, its face value was north of $2,500,000. With Prosperity, we were able to sell it for $1,000,000 which got me a $90,000 commission, not bad for a rookie!“
“I’ve been in this industry for decades and I can say that I love life settlement transactions. The commissions I’ve gotten from this are huge and they are so easy to do. A week ago I helped one of my clients sell their $500,000 face value policy for $200,000, which made me a $18,000 commission.“
“I was able to help Bill sell his $1,000,000 face value policy for $400,000.
The best part? I got paid $36,000 for this transaction thanks to Prosperity Life Settlement.”
“If someone asked me to define life settlements in 3 words it would be: simple, powerful, and worth it! This month alone, I made $25,000 in commissions after helping sell my clients their policies. Prosperity Life did most of the heavy lifting for me, I just connected them with my clients whose policies would qualify.”
“I had been looking for a way to make myself and my clients more money when I learned about Prosperity Life and their life settlement transactions. A few of my clients had insurance policies that they were not using anymore, these last 2 months, I helped them sell their life insurance policies for a total amount of $743,000. Thanks to this type of transaction, I was able to make $66,870 in commissions, only in two months!”
“Most of my clients are seniors, as their health deteriorates, their life insurance policies become a burden that they want to get rid of. Most of them will lapse or surrender their policies, however, thanks to Prosperity Life, I was able to offer them a new option and make a hefty commission out of it. Rick, one of my best clients, had a policy with a face value of $300,000.
After walking him through the 3 easy steps to sell his policy, he was able to get a cash settlement of $120,000. I’m happy that I could get Rick so much money, my efforts were rewarded with a commission of $10,800 for this simple transaction.”