Completing the process to sell a life insurance policy for a life settlement or viatical settlement can be complex, but necessary. The following the steps will help you be prepared to sell your life insurance policy with ease.
Step 1: Make the decision to sell your life insurance policy
- If you need a large sum of money now, or if you no longer need or want your policy, you can apply for a life settlement.
- For those that are terminally ill, chronically ill, or have a life-threatening injury, you may want to explore the option of a viatical settlement.
Step 2: Work with a licensed entity that specializes in life and viatical settlements
- MRE Finance are experts and have over 25 years of experience in the settlement industry.
- The dedicated specialists will ensure that you receive the most lucrative offer for you to sell your life insurance policy.
Step 3: Determine eligibility and estimate value of your life insurance policy
- MRE Finance provides a FREE online settlement calculator that provides you with an estimate value of your life insurance policy within minutes.
- You can also call the specialists at 1-800-521-0770 and have your questions answered.
Step 4: Provide necessary information to receive an estimate value of your policy
- Your age
- Health status
- Medical records
- Type of policy
- Face value of policy
- Premiums you are currently paying
- Life insurance company that issued the life policy
- State you live in
MRE Finance guarantees that your personal information will only be used to provide an estimate of the potential value of your policy and will only use this information to assist you in selling your life insurance policy for a life or viatical settlement. Your information will never be sold to a third party in another industry and, we take your privacy and security very seriously.
Step 5: Eligibility is confirmed for a life settlement or viatical settlement
- MRE Finance gathers all the necessary information and works with your insurance carrier to make certain all documents have been received.
- MRE Finance works with interested third-party, licensed buyers, ensuring you get the best offer possible for the sale of your life insurance policy.
Step 6: MRE Finance will provide you with an offer from the interested buyer
- This is a negotiation.
- You have every right to accept or reject the offer provided to sell your life insurance policy.
Step 7: You accept the offer
- The buyer will then take ownership of the policy.
- In exchange, you will receive the lump-sum cash payment amount agreed on by both you and the buyer.
Step 8: Once your life settlement is complete:
- You may use the proceeds from a life settlement for absolutely anything you want.
- There a few restrictions pertaining to viatical settlements for the chronically ill; refer to “What is a Viatical Settlement” for more information on this.
MRE Finance Works to Get You The Best Offer Available
- When selling your life insurance policy with MRE Finance, you are on your way to financial freedom.
- We will guide you through the process every step of the way with ease.
- You have the option to accept, decline or negotiate the offer.
- Once you accept the offer, we complete the sale and you receive the funds.
Do You Need to Provide Health Information?
The simple answer is yes. Health status and medical records are required to sell your life insurance policy for a life settlement or viatical settlement.
- Be honest in your responses to avoid having the transaction fall through.
Is There an Authorization Process?
- Selling a life insurance policy requires the insured to give authorization for the buyer to contact the insurance company on their behalf and release documents that are required.
How Does the Closing Work for a Life and Viatical Settlement?
- The closing involves the actual transfer of ownership of the policy.
- When you sign the transaction agreement to sell your life insurance policy, you will be transferring ownership of the policy to the buyer.
- You will NOT be responsible for paying premiums going forward.
- You will also need to keep your information up to date, including your address and phone number
- After ownership of the policy has been transferred and you have been paid, the sale is concluded.
Is a Life Settlement or Viatical Settlement Right For You?
MRE Finance can help you identify if a life settlement or viatical settlement is best option for you.
Selling your life insurance policy can help solve financial challenges and the monies could be used for anything you choose:-
- Pay medical bills
- Buy medications
- Pay for home care
- Pay for assisted living
- Pay for palliative care
- Pay for hospice care
- Pay off debt
- Take a vacation
- Donate to charity
Use our FREE Settlement Calculator to find out if you qualify for a settlement within minutes and, the estimate value of what your life insurance policy is worth.
Have More Questions? Ask MRE Finance!
Keep these steps in mind as you go through the process. With this information, you can make an informed decision and make the most of an opportunity by selling your life insurance policy!
The MRE Finance website has more information about the benefits of life and viatical settlements. Our team of dedicated specialist will answer all your questions and explain exactly how the settlement process works, so you can sell your life insurance policy with ease! Call the experts at MRE Finance today! 1-800-521-0770.
Would you like to know how much your life insurance policy could be worth? The MRE Finance FREE settlement calculator can provide you an estimate of the value of your policy within minutes. Click the button below and start your journey to financial freedom today!
