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5 Qualifications for Selling Your Life Insurance Policy
While the process of selling your life insurance policy for a life settlement is easy to do, not all policies and policyholders may be eligible. It’s important to know what qualifications exist to see if your life insurance policy meets the criteria.
Here are the five primary qualifications that life settlement providers measure when determining whether or not you’re a good fit for selling your life insurance policy.
Qualification #1: Policyholder Age
While there may be exceptions, in the majority of cases an individual must be over 65 to qualify for a life settlement.
Younger people may be eligible if they have certain medical conditions.
Qualification #2: Policyholder Location
In order to be considered for a life settlement, you must be a United States citizen and live in the United States. This is partly because other countries have different rules when it comes to life settlements.
You must also meet location requirements because the buyer of your policy should be able to check in quarterly. They’re checking to see if you’re alive and to learn if your health status has changed since your health directly impacts the financial performance of the policy.
Company representatives can easily contact you if you’re living in the United States. It becomes more difficult if you’re out of the country.
Qualification #2: Policyholder Location
In order to be considered for a life settlement, you must be a United States citizen and live in the United States. This is partly because other countries have different rules when it comes to life settlements.
You must also meet location requirements because the buyer of your policy should be able to check in quarterly. They’re checking to see if you’re alive and to learn if your health status has changed since your health directly impacts the financial performance of the policy.
Company representatives can easily contact you if you’re living in the United States. It becomes more difficult if you’re out of the country.
Qualification #3: Policy Size & Type
In order to draw offers for your policy, it generally needs to have a face value of $100,000 or more. If the death benefit on the policy is less than $100,000, you will have difficulty selling it.
Keep in mind, this requirement and other life settlement criteria can change at any time which is why it’s important to be educated on the subject or involve someone who can guide you through the process.
The type of policy also plays a contributing role as to whether or not you’re eligible for a life settlement. Universal Life (UL), Survivorship Universal Life (SUL), Convertible Term Life, and Whole Life (WL) policies can all be sold.
A rule to remember is that larger life insurance policies belonging to older individuals are usually the most attractive policies to a life settlement company.
Qualification #4: Date of Policy Issue
The date your insurance policy was issued plays a big role in whether it qualifies for a life settlement. In some states, a policy must have been active for more than 25 months to be eligible for a life settlement, while other states require that a policy be in effect for up to five years.
Click here to see where your state lies in terms of eligibility. This will give you a quick answer as to whether or not you should proceed in applying for a life settlement.
Qualification #5: Insurance Carrier
In order for a policy to qualify for a life settlement, it must have been issued by a United States-based carrier with an A.M. Best Rating of B++ or better.
If you believe your life insurance policy qualifies for a life settlement, click here to learn the reasons why you should consider selling your life insurance policy and all the ways doing so can benefit you.
If you're interested in receiving a personalized life settlement estimate or have questions about the process, click here to learn more or call: (561) 296-2327 to speak with a life settlement expert.
Learn How To Sell Your Unwanted Life Insurance Policy For Cash
Please complete the form below to get your Free Guide and take the next step toward selling your policy. Your policy must have a benefit amount of $100,000 or more to qualify.
You can get a cash payout from your policy if it no longer serves a purpose for you. Complete the form below to get your Free Guide instantly and learn more, or call: (561) 296-2327 to speak with an expert.
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All rights reserved. Levy & Goldman Life Settlements is a life settlement marketing company, not a life settlement provider or a life settlement broker, and Levy and Goldman Life Settlements does not represent the policyholder. Levy & Goldman Life Settlements will refer qualified policy owners to one or more licensed life settlement providers (purchasers) or life settlement brokers, including affiliates of Levy & Goldman Life Settlements. Levy & Goldman Life Settlements will be compensated for life settlement transactions that originate on LevyandGoldman.com. There is no guarantee that every user will receive an offer. Void outside the United States and where otherwise prohibited by law. By using the tools available on LevyandGoldman.com, you authorize LevyandGoldman.com to send your information to licensed entities to contact you, including by telephone. Any and all related conclusions shall be used for informational, illustrative and educational purposes only. No representation or warranty, expressed or implied, is made as to the accuracy, reliability or completeness of the results of the analysis or any assumption on which any conclusion is based.