What is a life settlement?
A life settlement is the sale of a life insurance policy to a third party. The policy is sold for more than the cash surrender, but less than the death benefit. In this process, the policy owner transfers ownership of the policy to the buyer.
What is a life settlement broker?
A life settlement broker represents the client and facilitates the sale of an insurance policy that is no longer needed.
Who should consider selling their life insurance policy?
Generally, a good candidate for a life settlement is a policy owner who is 65 or older and in declining health. You should also be sure that the insurance coverage (death benefit) is no longer needed. Each case is different. We are happy to help you decide what is best for your needs.
What if I have a terminal illness? Can I still qualify?
Life settlements for people with a terminal or advanced illness are known as Viatical Settlements. Most people in this situation are well qualified for this type of settlement. Southeast Life Settlements is here to help guide you through the process.
What if I change my mind?
You do not have to accept an offer to purchase your life insurance policy. In fact, certain states have laws that allow you to change your mind within a certain amount of time.
Are there any application fees?
Southeast Life Settlements wants you to feel comfortable and secure as you explore your options. There are no application fees, and the broker’s compensation will be explained at the beginning of the process.
Will the money I receive be taxed?
The money you receive is normally tax-free up to the original policy’s tax basis. However, we recommend contacting your own tax professional for further information.
Are there restrictions on how I use the cash I receive?
No, you are completely free to decide how you would like to spend your funds. This is just one of the benefits of a life settlement as opposed to other options.
Will I still be obligated to pay future premiums on my policy after it has been sold?
No, once you have sold your life insurance policy you no longer are responsible for paying any future premiums.
Is my information protected?
Yes, Southeast Life Settlements values your privacy and will never share your information without your permission.
How long does the life settlement process take?
Most life settlement exchanges take two to three months. However, every case is different and Southeast Life Settlements is here to make sure your process is quick and efficient.
How much is my life insurance policy worth?
Each life insurance policy is different. Several factors are taken into consideration when calculating your life insurance policy. To check how much your policy is worth visit the Get Started page.