A life settlement is the legal transaction between the life insurance policyholder and a licensed third-party, known as a “settlement provider or buyer”. Once sold, the policy holder will receive a one-time, lump sum cash payment and the buyer now owns the life insurance policy.
- A life settlement cash payout is typically higher than the surrender value and less than the death benefit.
- Lapsing a policy means that when you stop paying premiums, your life insurance policy lapses, and you generally receive nothing. You lose the premiums you paid over the years.
- A life settlement is typically for those 65 and older to qualify.
- The policyholder must have maintained the policy in good standing and have owned the policy for at least 2 years (or longer depending on the state of residence)
- A minimum death benefit of $250,000 and more.
Click the FREE life settlement calculator button below for a free estimate value of what your life insurance policy could be worth…..within minutes.
What Happens When You Sell Your Life Insurance Policy for a Life Settlement?
- Once the transaction is completed, the buyer takes ownership of the policy and becomes the new policyholder.
- The original policyholder receives a cash settlement that is more than the surrender value and, less than the death benefit.
- The buyer now pays the premiums going forward and will receive the death benefit upon your passing.
What are the Benefits of a Life Settlement?
A life settlement can benefit those that are struggling to cover monthly bills, debt or unexpected medical care costs and need to supplement retirement. A life settlement can provide extra cash and may be the best option.
Here are some benefits why seniors sell their life insurance policy:-
- Unaffordable premiums
- Pay medical bills
- Memory care
- Long term care
- Pay off debt
- Supplement retirement
- Financial emergencies
- Policy is no longer needed or wanted
MRE Finance walks you through the life settlement process with ease.
What Information is Needed for a Life Settlement Transaction?
When selling a life insurance policy for a life settlement, required information from you is necessary. This information is needed for eligibility and the transaction to be completed.
- 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, and we take your privacy and security very seriously.
Is Selling Your Life Insurance Policy Right for You?
In most cases the answer is yes. There are several things to consider before you decide to sell your life insurance policy for a life settlement.
- You need to consider your health.
- If you are in good health and have no existing medical conditions, you may not be eligible
- Your age is factored into the process
- The cost of premiums and how long you have owned the policy
- The larger the death benefit and the more premiums you have paid over the years, the more valuable your policy will be to potential buyers
- If you are terminally ill or chronically ill, you may qualify for a viatical settlement, which is a larger payout
- There is no age limit for viatical settlements for those that are terminally ill
The MRE Finance FREE estimate calculator will let you know within minutes if you’re eligible for a life settlement and the estimate value of what your policy is worth.
Work With the Life Settlement Experts at MRE Finance
Are You Considering Selling Your Life Insurance Policy for a Life Settlement?
MRE Finance works with individual life insurance policy owners who choose to sell their life insurance policies for a lump sum cash payout for a life settlement.
Once eligible and required information has been received, a sale price will be offered for the life policy. You have the choice to accept, decline or negotiate.
Don’t hesitate to get in touch with us and start your journey to financial freedom!
Get an estimate value of your life insurance policy now. Click the button below or call MRE Finance at 1-800-521-0770. We’ll answer all your questions as we walk you through the life settlement process with ease!