Before life settlements became possible, you had only two options for a life insurance policy you no longer needed:
Today, a life settlement gives you a third option.
With a life settlement, you can now sell your policy for more than its cash surrender value. To qualify, you must be 65 years old or older and meet underwriting requirements.
First, remember that at no time is there any cost to you, and you may cancel the transaction at any time before you accept payment from a life settlement transaction.
Any type of life insurance policy can be considered for a life settlement, including term policies with no cash surrender value.
VSPI is not a financial planner, so we strongly recommend you work with your tax adviser to assess the policy’s tax basis and your settlement amount to determine what you may owe, since tax law is continually changing.
Read our Guide to Selling Business Life Insurance Policies on Key Executives if you are a business or a retired executive with a life insurance policy you no longer need.
Read our Guide to Donating Your Life Insurance Policy to Charity if you are considering donating your policy to charity. Find out how the charity can receive the policy’s value today through a life settlement and avoid making any premium payments.
Read our Guide to Getting a Loan on Your Life Insurance Policy if you wish to retain ownership of the policy while using it as collateral for a cash advance now.