Selling your life insurance policy for a life settlement or viatical settlement with a company that specializes in settlements, typically takes 6-8 weeks. The timeline varies based on how quickly the necessary paperwork needed is received from you and the insurance carrier. Selling your life insurance policy is a big decision, and it’s essential to understand the process. It can significantly change your financial future.
What Factors Affect the Timeline When Selling a Life Insurance Policy?
There are several factors that can affect the timeline of finalizing the sale of a life insurance policy, here are some examples:
- Opting to find a buyer on your own increases the timeline to finalize a settlement, versus if you choose to work with a company that specializes in the life and viatical settlement industry.
- MRE Finance has a wide network of prospective buyers, and the transaction is quicker than if attempting to sell the life policy on your own.
- MRE Finance works with all the insurance carriers and can retrieve all the necessary paperwork required to process the transaction much quicker for your cash payout.
- The application process: the time it takes you to provide the necessary information factors into the timeline to finalize the sale of the life insurance policy.
- Preparation: Gathering all your policy information and personal documentation will speed up the process.
- Negotiation: The offer you receive can either be accepted or, if rejected, this will lengthen the timeframe of the sale.
I’m Eligible for a Settlement! …What Happens after MRE Finance Finds a Buyer?
Once the eligibility requirements have been met, the necessary paperwork has been completed and all documents received, MRE Finance will find a licensed buyer.
Next:
- An offer will be made, and you have the choice to accept or reject
- Once accepted, you will receive a lump sum cash payment
- The life insurance policy will be transferred to the buyer
- You no longer pay any premiums and no longer have a death benefit
- You now have cash in hand for your financial stability
Want to Sell Your Life Insurance Policy? Call MRE Finance!
Working with MRE Finance will work to get the best price for your life insurance policy in the shortest amount of time possible. You can trust the experts at MRE Finance to help you enjoy your journey to financial freedom. We walk you through the process to ensure the transaction moves forward as swiftly as possible.
The MRE Finance FREE settlement calculator will provide you with an estimate value of what your life insurance policy could be worth in minutes. Click the button below to get a FREE estimate.
You can also call us today at 1-800-521-0770 and have your questions answered regarding a life or viatical settlement.
MRE Finance are trusted experts to sell your life insurance policy!
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!
A life settlement and viatical settlement is the legal transaction when the insured individual chooses to sell their life insurance policy to a licensed third-party known as a settlement buyer. The buyer then assumes responsibility of paying the premiums associated with the life policy in exchange for a one-time, lump-sum cash payout. After you pass away, the buyer then collects the death benefit. The process takes approximately 6-8 weeks.
Life and viatical settlements are for those that have unwanted or no longer needed life insurance policies. A settlement transaction allows you to receive a cash payout now by selling your life insurance policy.
Am I Eligible to Sell My Life Insurance Policy?
You may be eligible to sell your life insurance policy if:
- You are at least 65 years old
- The policy has been in force for at least two years
- The face value of the policy is more than $250,000
- You have a permanent life insurance policy, such as whole life, universal or convertible term
Your eligibility is also based on your health and life expectancy. For those terminally ill or chronically ill, you may qualify for a viatical settlement. You are deemed terminally ill when your life expectancy is expected to be less than 2 years.
How Much Could My Life Insurance Policy Worth?
- The average payout is approximately 20% of the face value, also known as the death benefit. For example, if you have a life insurance policy with a cash value of $400,000, you can expect to sell your policy for approximately $80,000 in cash.
- Higher cash-value policies yield higher settlement amounts; however, you may have to pay taxes on a life settlement, and this varies by state.
- Viatical settlement payouts are much higher due to the limited life expectancy of the policyholder and the buyer will collect on the death benefit much sooner compared to a life settlement. Also, viatical settlements are usually tax free.
To find out an estimate value of your policy in minutes, use our online settlement calculator.
How to Find a Buyer for My Life Insurance Policy?
There are several options to find a buyer for your life insurance policy, including:
- Cold outreach, you can try and contact buyers directly
- Asking others who have sold their life policy for a referral
- Search online
- Selling your policy through a professional firm like MRE Finance, who are experts in the settlements industry
Trying to sell your life insurance policy on your own is risky and unadvisable. The process takes much longer to receive funds. Those who try to sell their life insurance policies by themselves, by undertaking cold outreach, or looking for buyers online typically run into problems. There are a multitude of online “buyers” who look to take advantage of the elderly by offering to buy their policies without ever paying in return.
Working with MRE Finance to find a buyer is your best option. MRE Finance are experts in the life and viatical settlements industry, with over 25 years of experience in helping seniors sell their life insurance policies to qualified buyers for cash.
Do You Have to Provide Proof of Identity and Ownership of Your Life Policy?
- You will be required to provide proof of your identity and ownership of the life policy.
- You will need to provide the life insurance policy documents. MRE Finance will work with the insurance carrier on your behalf, (with your permission) to gather all the documents needed if you don’t have all paperwork needed for the transaction.
Life Settlement or a Viatical Settlement? Which One Is Right for Me?
The two most popular ways to sell your life insurance policy are:
Life settlement: You sell your life insurance policy to a licensed third-party buyer for a lump sum cash payout. A life settlement is typically for those over 65 years of age, the face value amount of the policy is over $250,000.
Viatical settlement: You sell your life insurance policy when you have a severely shortened life expectancy. You are deemed either terminally ill or chronically ill. You will provide medical records from your licensed physician that verifies your health status. Viatical settlements result in higher payouts.
Want Help Selling Your Life Insurance Policy? Call MRE Finance!
If you want to sell your life insurance policy for a lump-sum cash payout, MRE Finance can help! We have a dedicated team of settlement experts that find a licensed buyer for your life policy.
We will review your policy, provide you with a FREE estimate of what your life insurance policy is worth, and guide you through the entire process with ease.
You can find out the estimate value of your life policy within minutes, by using our FREE settlement calculator now. Click the button below to get started. Got questions? Call MRE Finance at 1-800-521-0770.
What is a Lapsed Policy?
A lapsed life insurance policy is a policy that no longer has active coverage. This is usually due to non-payment of the monthly premiums. When you stop or are unable to continue to pay for life insurance premiums, your policy is considered “lapsed”. The coverage will no longer be in active status; however, it may not be completely void if you are able to make up the premiums within an allotted grace period by working with your insurance company.
- When coverage lapses, it’s typically due to the policyholder’s inability to pay their premiums on time.
- Most insurance companies keep the policy active for 30 days while waiting for payment before terminating the policy.
- If terminated, there is no longer a death benefit.
- Depending on the type of life insurance policy, you may not have the ability to surrender. Therefore you lose all monies paid into the policy over the years. This is especially important for those with term life policies.
Policy holders miss payments for a variety of reasons:
- Job loss
- Miscommunication of payment due dates.
- Financial hardship
- Change in health or medical status, resulting in reduction or loss of income
- Inflation
Letting your coverage lapse doesn’t always mean that your policy has become worthless. Some types of policies hold cash value and, may be used to cover unpaid premiums, such as:
- Universal life insurance
- Whole life insurance
- Indexed universal life
When a lapse occurs, you can pay the insurance company to prevent loss of coverage before it’s terminated. It is also possible to use the accrued cash value built up in your policy if you have a whole life or universal life coverage. In certain cases, some insurance companies offer a grace period in which you can pay up the monthly premiums in arrears.
Alternatively, you could let the policy lapse and purchase new coverage. You will have to re-qualify for and, be eligible for a new policy. When you choose this option, the following will occur:
- The insurance company will reevaluate your health.
- Your age will be taken into consideration.
- Since you have aged since taking out your initial policy, the premiums may be higher.
What is a Surrendered Policy?
When you “surrender” a life insurance policy you opt out or decide to cancel your life insurance policy. Some types of policies allow you redeem a certain fraction of the value paid into the policy minus fees.
- While lapses in coverage are typically not intentional, choosing to surrender a life insurance policy is a voluntary decision that a policyholder makes.
Although you are entitled to a specific financial amount which has built up over the years, surrendering a life insurance policy is a less payout than selling the life insurance policy for a life settlement to a licensed third-party buyer. MRE Finance can help you make this important decision.
What Is Surrendering a Life Insurance Policy?
A permanent or universal life insurance policy may be surrendered for the accumulated cash surrender value of the policy. Premiums will be paid from the cash value, if any, until exhausted, at which time the policy coverage will terminate.
By surrendering your policy, you agree to the cash surrender value based on your policy, minus fees and you forgo the death benefit.
Whole and universal policies accrue cash value, making them the most likely policy’s for the opportunity to surrender.
Surrendering a policy is preferable to lapsing, as you have access to some the cash value from your policy.
There are fees that apply when you surrender your policy. According to Forbes.com, “Over time, surrender fees tend to decrease. Ideally, you would wait until the fee in minimal or nonexistent. Plus, the longer you’ve held the policy, the larger the cash value portion will likely be.”
The surrender of your policy is dependent on several factors:
- If the policy is in good standing, you can surrender it to the insurance company.
- In exchange, you will receive a modest payment from your insurance company based on the cash value from the premiums paid into the policy, minus fees.
- The amount you receive will depend on the policy type, cash value, premiums paid, death benefit amount and your age at the time you surrender.
- The surrender value is much less than the face value of the policy.
Two common reasons to surrender a life insurance policy:
- Unable to make the premium payments for the policy.
- Have medical expenses to pay.
- You have been diagnosed with a chronical illness or become disabled.
Another option is to sell your life policy for a life or viatical settlement. Find out the estimate value of your life insurance policy in minutes. Click the button below.
Can You a Sell Lapsed Life Insurance Policy?
It is possible to sell a lapsed policy IF:
- The policy has not been fully terminated by the insurance company.
- If you make up the missed payments and restore coverage.
- Your lapsed policy may qualify you for a life or viatical settlement if, arrears have been paid or you’re within your grace period.
Can You Sell Surrendered Life Insurance Policies?
The answer is no.
Once a life insurance policy has been surrendered to the insurance carrier, it is deemed canceled. The life insurance policy is NO LONGER ELIGIBLE to sell for a life or viatical settlement.
Before you surrender your coverage, try the MRE Finance FREE Life Settlement Calculator and find the value of how much your policy is worth for a life settlement.
MRE Finance Are Life Settlement Experts
There are many reasons to sell your policy for a life settlement. The life insurance policy could be one of the most valuable assets you own.
- You no longer pay insurance premiums.
- Life settlements have a higher cash payout than surrendering the policy.
- By lapsing a policy you lose all the money you paid in premiums over the years.
If you want to know more about a lapsed policy, surrendering a policy and, the benefits of a life settlement. Call MRE Finance today! 1-800-521-0770.
Ready to sell your life insurance policy? Find out the what your policy could be worth within minutes.
The answer is maybe. Cashing out a life Insurance policy before your death will be determined by the type of life insurance policy you have. Cashing out a life insurance policy before death is possible, however, financial advisors agree that this is not the best option for those wanting or needing cash.
- many term life insurance policies cannot be cashed out because it does not build up any cash value before death
- some term policies have an option that enables the insured to convert the policy into a form of permanent life insurance. Some of these types of policies are called convertible term life insurance. You may find you have option to add an optional rider for an additional cost
- whole, variable, universal life policies that accumulate cash value may allow the policyholder to access some of that money while they’re still alive through loans, withdrawals or surrendering
- review your policy details to determine if cashing out is possible
When you take cash value from life insurance policy, you also reduce the death benefit that your beneficiaries will receive. The cash value is the portion of your premiums that the insurance company has set aside to grow over time. You can access this money through policy loans or by surrendering the policy.
It is recommended to review the pros and cons of cashing out a life policy. You should consider:-
- the amount of funds you will receive by surrendering, cashing out, or a loan
- potential taxes you may owe
- are there any fees and penalties for cashing out?
Cashing out a life insurance policy is different than a life settlement or viatical settlement.
Consider selling your life insurance policy for a cash life settlement.
A life settlement is a single transaction, therefore, certain criteria must be met in order to be eligible for a life settlement or viatical settlement.
When you sell your life insurance policy, you will receive a one-time cash payment and you no longer pay the premiums.
The following factors determine the potential value for a life settlement.
- your age
- gender
- state you live in
- health condition
- type of insurance policy (Universal, Whole, Convertible term, Variable etc.)
- the policy pay out amount (death benefit)
- how much are the premiums
- your contact information
The Age of the Policyholder
Typically, those who are 70 years of age and older have a higher chance of finding a buyer willing to make an offer to purchase the life insurance policy for a life settlement.
Health Status and Life Expectancy
Your personal health status has an impact on life expectancy which affects the value of the life insurance policy. The longer the expected life span, the lower the policy’s value as the buyer continues to pay the premiums until they collect the death benefit.
The following 4 health categories are those to choose from that best describe your health.
- Healthy: Active and exercise regularly
- Minor Conditions: Medical conditions that require management such as diabetes or high blood pressure
- Serious Conditions: Serious medical conditions such as cancer, Alzheimer’s, heart disease, stroke
- Terminal Conditions: End-stage of life conditions such as late-stage cancer, congestive heart failure, liver, pulmonary disease
When selling a life insurance policy for a life settlement or viatical settlement, the estimate value of the policy varies by several factors, such as age, policy type, face value etc. The average life settlement payout is 20% of the death benefit and can be higher based on the type of policy, age and medical conditions.
For example, a life settlement with a $500,000 death benefit could potentially be sold for $100,000. The amount you will receive from cashing out your policy is usually calculated as a percentage of the original policy’s value and, there are a number of other factors that affect the amount, including:
- age
- health status
- type of policy
- policy size (face value)
- premium amount
- life insurance issuer
- state you live in
A viatical settlement are for those who are or chronically ill. (Chronically ill are those that are unable to perform at least two activities of daily living on their own).
A person is considered terminally ill when they have an illness or condition, that
The value of the policy for a viatical settlement is approximately 55% to 80%.
- A viatical settlement are for those who are terminally ill or chronically ill.
- Terminally ill means it is reasonably expected that the persons illness to result in death within two years. It indicates a disease that will progress until death with near absolute certainty, regardless of treatment.
- Chronically ill are those that are unable to perform at least two activities of daily living on their own.
How Does Selling My Life Insurance Policy Work?
If you are over 70 years of age, you may qualify for a life settlement. A life settlement is a transaction in which you voluntarily sell your life insurance policy to a licensed third-party known as a life settlement provider or buyer. If you are terminally ill, you may choose to sell your policy and this is called a viatical settlement.
The buyer becomes the owner of the life insurance policy and is now responsible for the premiums going forward.
When you own a life insurance policy, you pay premiums for a significant number of years until your passing. In return, the insurance company agrees to issue a payment to the beneficiary or beneficiaries that you have listed on the policy in the event of your death.
Life and viatical settlements are for those that have unwanted or no longer need their life insurance policies. The settlement allows you to access a cash value now by selling the life insurance policy. The funds you receive from the sale may be used for anything you choose.
Some common reasons to sell your life insurance policy are:
- medical bills
- memory care
- long-term care
- financially help family
- pay off debt
- no more premiums to pay
- buy a vacation home
- travel
MRE Finance will review your life insurance policy details and some basic information that you will need to provide. With this information they are able to provide you with a free estimate if you are eligible.
A convenient and easy way to find out the estimate value of your life policy is by using our “free life settlement calculator”. The free estimate calculator allows you to determine if you’re eligible for a life or viatical settlement and its potential value. Click the button below to get started.
Am I Eligible for a Life or Viatical Settlement?
A life settlement is a single transaction, therefore, certain criteria must be met in order to be eligible for a life settlement or viatical settlement.
When you sell your life insurance policy, you will receive a one-time cash payment and you no longer pay the premiums.
The following factors determine the potential value for a life settlement.
- your age
- gender
- state you live in
- health condition
- type of insurance policy (Universal, Whole, Convertible term, Variable etc.)
- the policy pay out amount (death benefit)
- how much are the premiums
- your contact information
The Age of the Policyholder
Typically, those who are 70 years of age and older have a higher chance of finding a buyer willing to make an offer to purchase the life insurance policy for a life settlement.
Health Status and Life Expectancy
Your personal health status has an impact on life expectancy which affects the value of the life insurance policy. The longer the expected life span, the lower the policy’s value as the buyer continues to pay the premiums until they collect the death benefit.
The following 4 health categories are those to choose from that best describe your health.
- Healthy: Active and exercise regularly
- Minor Conditions: Medical conditions that require management such as diabetes or high blood pressure
- Serious Conditions: Serious medical conditions such as cancer, Alzheimer’s, heart disease, stroke
- Terminal Conditions: End-stage of life conditions such as late-stage cancer, congestive heart failure, liver, pulmonary disease
Can You Cash Out a Life Insurance Policy Before Death?
The answer is maybe. Cashing out a life Insurance policy before your death will be determined by the type of life insurance policy you have. Cashing out a life insurance policy before death is possible, however, financial advisors agree that this is not the best option for those wanting or needing cash.
- many term life insurance policies cannot be cashed out because it does not build up any cash value before death
- some term policies have an option that enables the insured to convert the policy into a form of permanent life insurance. Some of these types of policies are called convertible term life insurance. You may find you have option to add an optional rider for an additional cost
- whole, variable, universal life policies that accumulate cash value may allow the policyholder to access some of that money while they’re still alive through loans, withdrawals or surrendering
- review your policy details to determine if cashing out is possible
When you take cash value from life insurance policy, you also reduce the death benefit that your beneficiaries will receive. The cash value is the portion of your premiums that the insurance company has set aside to grow over time. You can access this money through policy loans or by surrendering the policy.
It is recommended to review the pros and cons of cashing out a life policy. You should consider:-
- the amount of funds you will receive by surrendering, cashing out, or a loan
- potential taxes you may owe
- are there any fees and penalties for cashing out?
Cashing out a life insurance policy is different than selling your life policy for a life settlement or viatical settlement.
How Does Selling My Life Insurance Policy Save Me Money?
Selling a life insurance policy for cash, whether through a life settlement or a viatical settlement, can save you money. You no longer have to pay insurance premiums, thus freeing up monthly funds. You can use the money received from the life settlement for other expenses; supplement your retirement, medical bills, memory care, long term care, pay of debt or anything you choose.
If you are still paying premiums for a life insurance policy that you no longer want or need, you can save money and gain cash for financial stability by selling the policy. The buyer continues to pay the premiums on the policy after receiving ownership.
Get an Estimate Value of Your Life Insurance Policy From MRE Finance
If you need money to cover medical bills, memory care, pay off debt, or just want some extra spending money, selling your life insurance policy for a life settlement or viatical settlement could be the best option for you. MRE Finance can help you on the journey to financial freedom.
MRE Finance can help you receive the best offer for your policy and guide you through the process with ease.
Want to find out the estimate value of your policy within minutes? Try our free estimate calculator!
MRE Finance specialists are also available by phone and will answer your questions. 1-800-521-0770.
The simplest answer is no. You can use the proceeds from a life settlement anyway you choose. While it’s true that many people use their life settlement cash to pay off medical bills, you are never obligated to do so.
Here are some other financial reasons that many people use the funds for, by selling their life insurance policy:-
- Long-term care
- Memory care
- Pay off debt
- No longer want or need the life policy
- Taking a dream vacation
- Supporting family in times of need
If you have a life insurance policy with a high cash value and are in need cash, exploring the benefits of a life settlement might be the right option for you. Understanding what this process involves and, how it could help you is important before making any decisions regarding your policy.
Life settlements are a niche market in the financial world, and an important one for many people who find themselves in financial complications. A life settlement is a transaction where you sell your life insurance policy to a settlement provider/buyer. The buyer takes over the policy, pays the premiums and, receives the death benefit.
Are There Restrictions of What You Can Use the Cash For, When a Selling a Life Insurance Policy?
It is possible to use the cash from selling a life insurance policy for anything that you choose. Many believe that a life settlement can only be used for medical expenses and this is not the case. It is common to use these funds for this purpose, however, the money is yours to do with as you see fit and, it can really help you when you are in a financial need.
There are many different things you can do with the life settlement proceeds. Depending on the amount you receive for your policy and, what your needs are, the money from a life settlement could change your life. The following are just a few examples of this:
- Pay off medical bills, a life settlement could be a great way to get some cash quickly
- Make a major purchase such as a new car, house, or even a new boat. That’s the great thing about life settlement offers; you can use the money for absolutely anything!
- Donate to charities or causes you find important
- Ensure financial security for your children and grandchildren
- Help a loved one pay off college tuition.
Can I Pay Off Any Type of Debt with a Life Settlement Payout?
You might be surprised by just how much money you can receive from a life settlement. Selling your life insurance policy does not require you to only pay off debt. You can use the funds received from a life settlement for anything your choose, including paying off debt; credit card bills, car payments, mortgages, student loans, or anything else that you need cash for.
Keep in mind that you may have to pay taxes on the life settlement funds you receive based on the state in which you live in.
To find out if you are eligible to sell your life insurance policy for a life settlement try our free life settlement estimate calculator. You can see estimate of what your policy could be worth within minutes
Can I Help My Loved Ones By Selling a Life Insurance Policy?
Life settlements are often a good source of cash for helping your loved ones who may need assistance. By selling your life insurance policy, you can use the funds to help pay for you or your loved ones care. You can also help other family matters with childcare costs for grandchildren or helping your kids pay off their own debt.
If you or have a family member needs care and, does not have medical insurance, a life settlement can be a way to receive money to pay for the costs.
Selling your life insurance policy also allows you to use the proceeds to pay for special equipment that you, your spouse or loved ones may need…such as a wheelchair or lift.
Is a Life Settlement for Me?
A life settlement may be the best decision for you and your family. This option can help with your financial burdens by providing you with a one-time, lump-sum cash payout.
You are not required to use the funds from a life settlement for medical bills alone. You worked hard to pay premiums over the years and, you now find yourself in a financial situation where you need cash. Owning a life insurance policy that is no longer needed or wanted will allow you the opportunity to embrace financial freedom, help you and your family by selling your life policy.
How Can MRE Finance Help You Today?
Now that you know that you can use the money from a life settlement for anything you choose, it’s time to decide if such an offer would be right for you. MRE Finance are experts in life settlements and help seniors everyday find suitable buyers so they can sell their life insurance policies for cash.
Click the button below for the FREE life settlement estimate calculator and find out what the value of your life insurance policy is. You can also call MRE Finance at 1-800-521-0770 and have your questions answered.
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!
A life settlement and viatical settlement is the legal transaction when the insured individual chooses to sell their life insurance…
Selling your life insurance policy for a life settlement or viatical settlement with a company that specializes in settlements, typically takes 6-8 weeks.
Completing the process to sell a life insurance policy for a life settlement or viatical settlement can be complex, but necessary.
A Life settlement is the legal transaction between the life insurance policyholder and a licensed third-party, known as a “settlement provider or buyer”.
The simplest answer is no. You can use the proceeds from a life settlement anyway you choose.
When selling a life insurance policy for a life settlement or viatical settlement, the estimate value of the policy varies by several factors..
A lapsed life insurance policy is a policy that no longer has active coverage. This is usually due to non-payment of the monthly premiums.
A life settlement is a single transaction, therefore, certain criteria must be met in order to be eligible for a life settlement or viatical settlement.
The answer is maybe. Cashing out a life Insurance policy before your death will be determined by the type of life insurance policy you have.
