The policy owner transfers ownership of the policy to a licensed buyer known as a Settlement Provider in return for a cash payment greater than the surrender value but less than the total death benefit. The process is easy. You’ll submit an application with basic information about the policy and the insured person to be evaluated by the Provider.

Information you will need to provide is:

  • Your age
  • Health status
  • State you live in
  • Type of life insurance policy you have (whole life, convertible term, or universal life)
  • The cash surrender value (accumulated cash value) of the policy
  • Amount of premium you pay per year

Once qualified, the Provider will request additional information such as the life insurance policy documents and the medical records of the insured. The private information you provide is needed for the Provider to make a decision to purchase the policy.

MRE Finance respects your privacy and only works with licensed and reputable Providers. Selling your policy typically allows you to receive more money than if you surrender or terminate the policy with the insurance company for the cash value. If you stop paying the premiums and lapse the policy you typically will receive nothing. People often pursue a life settlement because they no longer need or can afford their life insurance policy and would rather have cash in their pocket. You can use the money received from a life settlement transaction however you’d like, including paying for long-term care needs, medical bills, or funding your retirement