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Do I Qualify for a Life Settlement? 7 Signs Your Policy May Have Value
By Saul L. Appel, CLU®, ChFC®
A life settlement allows a policyowner to sell an existing life insurance policy for cash. Not every policy qualifies, but these seven signs may indicate that a review is worthwhile:
- The insured is generally age 65 or older.
- The policy has a meaningful death benefit, often $100,000 or more.
- The insured’s health has changed since the policy was issued.
- Premiums have increased or become difficult to afford.
- The original reason for the coverage no longer exists.
- A term policy is still convertible to permanent insurance.
- The policy is owned by an individual, trust, or business that is considering surrendering or lapsing it.
Age, health, policy type, death benefit, cash value, premium requirements, and carrier all affect whether buyers will be interested. A policy with little or no cash surrender value may still have market value. Conversely, meeting several of these signs does not guarantee an offer.
Before surrendering or allowing coverage to lapse, request an independent review. A brief evaluation can determine whether the policy is worth presenting to qualified life settlement buyers.
To request a confidential, no-obligation policy review, visit Policy-Cash.com.
Saul L. Appel, CLU®, ChFC® | President, Appel Financial, Inc. | 50+ years experience