A Solution to Fit Your Needs
You may have realized that your life insurance policy has become unaffordable or that you no longer want or need it. Instead of surrendering your policy back to the insurance carrier, you can choose to sell your policy. There are many different reasons you might want to sell your policy. See the solutions below to help decide if selling your policy is right for you.
Individual Policy Owner Solutions
If you are a life insurance policy owner, you may choose to sell your policy for a variety of reasons. For example, you may be diagnosed with a chronic or terminal illness. Selling your policy can help you pay for costly medical bills. Also, the policy’s premiums may become too costly for you to keep up with. You can choose to sell your life insurance policy instead of allowing it to lapse. In addition, you may want to use the funds to help a friend or family member financially. Lastly, you may decide you no longer need the policy and instead wish to sell it for cash in order to continue retirement. Ultimately, your new found funds are for you to use as you wish!
Many life insurance policies are purchased under a buy-sell agreement. Typically, if you’re a business owner or partner, you have a life insurance policy in case you or one of your partners unexpectedly dies. However, your partner may decide to sell their share of the company, thus leaving you with paying premiums on a policy you no longer need or want. Also, you may have just acquired a new company that had a life insurance policy on the previous owner. As a result, when you acquire the company you are left with paying premiums on a policy that is no longer beneficial. Instead of paying premiums on policies that you don’t need or want, you can sell the policies and use the settlement funds for future purposes.
Key Person Solutions
Your company or business may provide life insurance policies for your key employees. These policies are normally used for future purposes to help offset the loss of your key employee. However, if the key person exits the company the policy may be no longer needed or wanted. Consequently, you are left paying premiums for a policy that is no longer of value. Instead, you can choose to sell the policy. As a result, you receive funds that can be used for future purposes.
Do I qualify to sell my life insurance?
Southeast Life Settlements will help you design an exchange or settlement solution to fit your personal or business needs. First, see if you qualify and what your current policy is worth. We offer multiple options.
You may qualify if:
- You no longer want or need your life insurance policy
- You are 65 years or older
- You have a convertible term, whole life, or universal life policy
- You have a face amount (death benefit) of at least $100,000
- You have had the policy in effect for at least two years
*Some exceptions may apply
What are my options?
- Sell the entire policy
- Sell part of the policy
- Sell part, keep part
- Receive income
*Other options may be available to certain policy owners
What's the Process?
- Call or fill out a simple online form
- A confidential consultation outlining our process will begin as soon as you request our help
- Documentation will be submitted and applications and disclosures will need to be executed by the policy owner and the insured
- The review process begins and can take up to 14 to 21 days
- The conclusion of the bidding process and contracts are issued to the policy owner, insured, and a notary, verification of coverage will be requested
- Change of policy ownership occurs and beneficiary forms are sent to the insurance carrier
- Settlement proceeds are distributed to the policy owner
Most life insurance settlement exchanges take between 2 to 3 months. Check below to find out how much your policy is worth.