Seniors with life insurance policies they no longer need can sell them to institutional buyers for 20% to 40% of the death benefit, completing the process in four to eight weeks. Instead of letting a policy lapse and losing premiums paid, a life settlement provides immediate cash after submitting an application, policy copy, and medical records to multiple bidders.
Chapters
Here's the problem: you're at least 60 years old and you've got a life insurance policy that you don't need anymore or can no longer afford. It could be any type of policy, and it could be personal or business insurance. But if you let the policy lapse, you either lose all the money you've paid into it or settle for what the insurance company will give you back for it. So what's the alternative? Sell your policy to a third party, an institutional buyer like a bank or investment company, for as much as 20 to 40% of the death benefit. It's called a life settlement. Settlement can be processed in as little as 4 to 8 weeks. It begins with a short application, a copy of your policy, and a copy of your medical records, which are then submitted to several institutional investors who will bid on the value of your policy. And if you accept an offer, the settlement funds will be deposited