You might not have known that your life insurance policy is considered personal property (Grigsby v. Russell, 1911), much like your home or your vehicle. It is an asset which can be sold when it is no longer wanted or needed. While it is quite a complex process, we make it simple for you. If you are considering selling your life insurance policy for a life settlement, please take a few moments to read this article.
A life settlement transaction is when a seller (a life insurance policy owner) transfers ownership and beneficiary rights of a qualified life insurance policy to a buyer, a licensed life settlement provider. The buyer becomes responsible for paying all future policy premiums, and they become the new beneficiary. The seller then receives a cash settlement which they can use in any way they would like. Though this may sound ideal, it’s not for everyone.
Life settlements are generally for people aged 70 and older who have owned a life insurance policy with a minimum face value of $100,000.00 for more than 2 years, and who have some health concerns to consider. These are the generally three pre-qualifying factors individuals should keep in mind when investigating life settlements. Though not everyone will qualify, this is oftentimes the best option for getting rid of an unwanted or unneeded life insurance policy.
While selling a car is something you could do on your own, selling a life insurance policy is not. Life settlements are complex legal and financial transactions, and compliance regulations further complicate matters with continuous change. Professional assistance is essential in complying with regulatory requirements and maximizing your settlement. A life settlement broker, such as Prosperity Life Settlements, is the right company to guide you through this process.
The process begins with you filling out a simple application and signing important disclosure documents. Once your paperwork is received and approved, the professionals at Prosperity Life Settlements will obtain your medical records and required insurance documents. This is all necessary for your life insurance policy to be evaluated for sale on the secondary market. A licensed life settlement provider that is authorized to do business in the state in which you live will share your and your policy’s information with potential buyers who will have the opportunity to place bids on it. The life settlement broker working on your behalf will then present you, the seller, with the highest bid obtained from licensed life settlement providers that may be interested in buying your policy. It is important to point out that you are under zero obligation to accept any offers made to you, so you can choose to either accept or decline without penalty. If an offer is accepted, contracts will be signed, ownership and beneficiary rights will be legally transferred to the new owner, and you will receive your settlement proceeds!
The life settlement process usually takes between 45 and 60 days, though each case will vary. When you choose to work with Prosperity Life Settlements, we work for you, and it is our service to find you the highest possible offer for your life insurance policy.
If you feel that you meet the minimum qualifications mentioned above, please give us a call today to determine your full eligibility. We would love to help you obtain a great life settlement for the sale of your life insurance policy! (800) 591-2551