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
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.