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A lot of reading goes into retiring. You might be researching Medicare or even new hobbies. A lot of research goes into financial security or whether or not you’ll be able to retire comfortably. This often brings to mind thoughts of taking trips or medical bills, which can be rather expensive. In doing this research, you may have also read about life settlement companies, and how you can get the money you need to afford your retirement by selling a life insurance policy. This may lead to the thought, “I want to sell my life insurance policy, but I’m not sure how to get started.” Hopefully this article will be the last thing you need to read about that.
Step One: Qualifying for a Life Settlement
A life settlement company will ask you to fill out a life settlement Qualification Calculator to see whether or not your life insurance qualifies for a settlement. You provide basic information about yourself and your insurance policy, the company will see if you’re a good fit. If it is determined that you might qualify for a settlement, the next steps are almost as easy as the first.
Step Two: Life Settlement Application
The next step is to download the application for the life settlement. After you fill out the application, send it along to your life settlement company with a copy of your insurance policy and your medical records.
Step Three: Life Settlement Assessment
Once a life settlement company has your application and a copy of your insurance policy, a team of underwriters will do an in-depth assessment of your health, your insurance policy, and your application to determine whether or not you qualify for a settlement.
Step Four: Your Life Settlement Decision
If you do have a policy that qualifies for a settlement, the life settlement company will make you an offer. It’s completely up to you to accept it or decline. But if you do choose to accept it, you should get a packet in the mail detailing what you are accepting as well as a contract to sign. Once the insurance carrier changes the ownership and beneficiary designations, a lump sum of money will be released to you.
Many areas of retirement can be complicated, but fortunately a life settlement is pretty straight forward if you work with a professional life settlement company. Did you know you can sell all or a portion of a life insurance policy, even term insurance? If you have a life insurance policy that you don’t need or want anymore, a life settlement often makes a lot of sense. We are here to help you move into your retirement days as easy and stress-free as possible, so give us a call so we can start the process today.
Case Study:
Sharon lost Bill to a heart attack a few years ago. They purchased a joint survivorship life insurance policy several years ago for federal estate tax liquidity. Due to the recent tax changes, Sharon no longer needs the life insurance. Sharon sold her policy and retained $150k in death benefit and used the cash settlement to setup a college fund for her grandkids.
Leo LaGrotte
Life Settlement Advisors
llagrotte@lsa-llc.com
1-888-849-0887
