A Step-By-Step Guide to Life Settlements

Jun 16, 2021 9:10:00 AM / by LISA

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Life settlements are a means of selling your life insurance policy that is regulated by individual states. Life settlements can be a great option if you’re no longer in need of your policy and would like to gain the means to pay off hefty bills or simply to set yourself up for future financial stability.

Tips For Selling Your Life Insurance Policy

When deciding if you want to sell your life insurance policy, you’ll likely be looking for the best way to make sure your interests are met. To help you get the most out of selling your policy, here are some actions you can take to help ensure that you get a maximum payout.

Start out by becoming knowledgeable about the type of policy and coverage that you have, as well as making sure you’re eligible to sell your policy. Regulations differ from state to state so make sure to check your state’s specific regulations.

Working with a licensed life settlement company is a great way to make sure you’re well informed and confident with your decision making during the process. There are several licensed life settlement companies in your state to help you through this process. These professionals will ensure that you are following all the necessary steps and regulations to get you the maximum benefit from selling your policy.

Next, the life settlement company you’re working with will contact people who may want to purchase your policy and will share all of the necessary information they need. This information typically includes a 5-year medical history, so be sure to have your medical records available.

When it comes time to evaluate offers for your policy, make sure to take your time and review each of them individually to choose the most beneficial one for you.

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Why Should You Sell Your Life Insurance Policy?

Opting for a life settlement is a great option for many individuals. For those who cannot afford to cover monthly life insurance premiums, selling a policy can relieve them of this financial liability and get them some cash. Typically speaking, you can get a bigger payout with a life settlement than you would if you cancel your policy. Furthermore, liquidating your policy can help to cover a big expense such as a medical emergency or terminal illness diagnosis.

Our Authorized LISA Members Are Here to Help You

Life settlements can be a beneficial way to support you and your family’s future. If you’re considering selling your insurance policy, contact a licensed life settlement company to help you sort out your options and choose whether liquidating your policy is right for you.

Questions? Reach out to a LISA member

Tags: Financial Advisors, Financial Planning, life settlement, Life Insurance Settlement, Life Insurance, Trustees, Long Term Care

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Written by LISA