Updated: Sep 8
Bill was close to retirement age and wanted to increase his savings and reduce costs. He had two life insurance policies.
Before letting a policy go, Bill asked a broker if he could do better than what the insurance company had offered. The broker found buyers for both policies, each offering more than the insurance company.
People often cash-in their life insurance policy, let a guarantee expire, or let it go for nothing at all because they didn't know it could be sold.
When the insured reaches age 60, or any age when there is a chronic illness, a life insurance benefit that is no longer needed may be sold for more than it's value to the insurer. Even a term life policy may be sold.
No more worries about premiums when sold. The buyer takes over, paying cash now, or sharing some of the benefit later.
The sale of a life insurance policy is called a "life settlement." Sales are regulated by state governments and handled by an agent of the buyer, the investor, or the policyowner's broker.
Investors and don't have to give you fair value, but a broker like me works for you, helping you find the most value for your policy.
It doesn't matter who the insurer or agent is, or if the policy has any value to the insurance company, you may still find added value with my help.
Policy owners are often forced to sell when not ready because of:
A divorce or separation;
An estate sale of the policy;
Policy can no longer pay for itself; or
Cash is needed more than the benefit.
But an owner should sell a policy when:
Its purpose has ended;
Policy is at risk of lapse;
There's no beneficiary for the benefit; or
Some or all of the benefit is not needed.
The value of your policy depends on how much an investor expects to pay to keep it in force: the higher the premiums and longer the insured is expected to live, the less a buyer will give.
Investors prefer policies with level benefit and premium guarantees, and a short life expectancy for the insured, but they will buy any policy when it's a good investment, even a term policy.
A policy can lose value if you are not prepared. My services include:
Reviewing your policy from any insurer or agent.
Preparing and marketing your policy to buyers.
Advice on fixing issues affecting a policy's value.
Helping you grow a new benefit from your settlement.
A policy review protects you, your policy and it's free.
Call today: (831) 753-0507 or CLICK HERE
Remember that a broker works for you and adds value.
Don't let a policy go until its value is known.