Your life insurance policy ensures your loved ones are cared for if something happens to you. But sometimes, circumstances change, and the policy you started paying for years ago no longer fits your current needs. You have spent a long time putting money into your premiums, and the cash surrender value your policy may offer is nowhere near the funds you deserve.
Whether you no longer want to pay for an insurance policy, you could do without it, or you cannot afford to keep contributing to your monthly payments, it may be time to pursue new options. A Life Settlement offers you a lump sum cash payment for your policy. Settlement Benefits Association can help you determine Life Settlement eligibility and whether this is the right choice for you.
To help get the maximum value out of your policy, it is important to work with a professional team. At Settlement Benefits Association, the first stage is to determine whether this is the right time to move forward with selling your life insurance.
Once you are ready to move forward, we guide you through our process, including these steps:
Life Settlements allow you to sell your policy to a third party in exchange for a lump sum payment. The buyer becomes your beneficiary and takes over all future payments. When you pass away, the buyer receives the full benefit payout. A settlement provides you with more money than your cash surrender value, although it is not equal to the full benefit.
How do you determine your eligibility for a Life Settlement? The qualifications for a Life Settlement are:
Many older adults are eligible for a Life Settlement. However, there may also be state and local laws you must adhere to, depending on where you live. One of the most common state laws is a mandatory waiting period. This period defines how long you must submit payments on your policy before selling it for a settlement. Waiting periods can vary from two to five years.
Several factors determine your eligibility for a Life Settlement, including age and death benefit amount. Please refer to our online guide for more details on who qualifies.
If you are eligible to sell your life insurance policy, contact Settlement Benefits Association today for your free policy evaluation. Our team will give you an idea of how much your settlement could be worth. Contact us today to get started.