A life settlement is considered by some to be one of the smartest ways to fund your immediate cash needs as a senior.
Whether your premiums have gotten too expensive, you need to cover a major medical treatment, or even make an informed investment; a life settlement can serve as a resourceful way to meet those needs.
In case you chose to sell your life insurance for cash, there are a number of requirements that your life insurance policy needs to meet in order to qualify for a life settlement. Once these criteria are met, you will be presented with cash offers in exchange for your policy.
Here are a few things that matter.
The type of policy you own is the most important factor. You may qualify for a life settlement if you have permanent insurance such as universal life and whole life. Even term life insurance policies may be eligible for a life settlement.
This factor mainly depends on the law of your state and how they choose to regulate it. When you’re getting your policy evaluated, one of the first things life insurance settlement brokers will check is how long you’ve owned it. This is where the state comes in.
Every state has a defined minimum number of years, which a policy needs to be owned for in order to be sold. If your policy makes the cut, you can head on to the next requirement smoothly.
Companies and brokers are considerably upfront about the face value of your policy because this is one of the main factors that determine your settlement. The higher the face value, the larger the sum of money you could receive.
Typically, at Prosperity Life Settlements—one of the best life settlement companies, your policy needs to have a face value of at least $100,000 in order to qualify.
Typically, insured citizens over the age of 70 are considered eligible for a life settlement. The value of the settlement increases as the policy holder gets older.
Both the health status and the age are important factors that are used to calculate the approximate value of the life settlement.
If you feel that selling your life insurance policy will benefit you, feel free to reach Prosperity Life Settlements at info@plsettlements.com to discuss your concerns, or contact them at (800)-591-2551 to get started.
You can also use their free life settlement calculator to get an instant estimate of your life insurance policy’s potential payout.
Emily Scott, a distinguished attorney at Prosperity Life Settlements, works to offer clients efficient, multi-faceted solutions to selling life insurance policies. Her dedication to compassion, counseling, and legal representation ensures their case is in the best hands.