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8 Simple Steps to Selling Your Life Insurance Policy
Because a life settlement can be an excellent source of income to help pay for retirement expenses, no one should miss that opportunity simply because they don’t understand the life settlement process. 

As life settlements become more popular and the word gets out to policy owners about the potential upside of selling their life insurance policy, those who are qualified and can benefit from these transactions will need more guidance about how to start the process.
Here are the 8 steps to a selling your life insurance policy for cash:
Step 1: Determine your eligibility For a Life settlement.
Are you 65 or older? 

Does your policy have a death benefit amount of $100,000 or more? 

Has your life insurance policy been active for at least 5 years, and is it with a US-based Insurance Company? 
If yes, depending on your medical status, then you may be eligible to sell your life insurance policy.
Step 2: Decide if you want to involve an advocate (We recommend you do) and get a preliminary valuation.
The representation of an advocate, such as a broker, advisor or attorney, is highly recommend to ensure your expectations are met. You will want to involve that broker or advisor early on, and lean on them for guidance as you work through the process of selling your policy.

The Preliminary Valuation is also the first insight you will get into a projected policy settlement value. You will also receive a Formal Valuation later in the process that aligns with your expectations and helps you get the offer you're looking for. 
Step 3: Submit an in-force illustration And Explore Alternatives.
You must request an illustration from your life insurance carrier that spells out what the minimum premium costs would be if you kept the policy until it matures – typically to age 100 – and if the net policy account value at maturity was $1,000. 

Once you've completed this step, both you and your advocate will have what you need to determine the potential benefits and opportunities of a settlement. 
If I was your broker and advisor, I would let you know your best options so you could make the very best decision for you and your family.
Step 4: Complete Essential paperwork 
At this point, you will need to fill out a HIPAA form protecting your privacy and complete a medical questionnaire.
Step 5: Wait for Your Policy's review and Formal Valuation.
After you've submitted your paperwork and your broker obtains your Medical Records and Life Expectancy Report, they will be able to calculate the value of your policy and provide a Formal Valuation.
Step 6: Life Settlement Broker completes a formal valuation.
Your Medical Records and Life Expectancy Report provide vital information to ensure your policy is valued accurately so you get the maximum amount for your policy.

As mentioned earlier, this is also when you will get a Formal Valuation which confirms your desired rate of return and expectations and serves as a critical reference point for the settlement bidding phase.

You want to make sure your broker is using the most widely used software in the industry to accurately calculate your settlement valuation. We recommend using the "Model Actuarial Pricing Systems" software or MAPS for short.
Step 7: Underwriting Is Done to Ensure The value of your policy is maximized For Marketplace Bidding.
Your life expectancy has the greatest impact on the settlement value. The lower your life expectancy, the higher the value. 

Make sure you provide a complete set of all medical records available, including specific diagnoses for a serious medical condition mentioned in doctor's notes. You need labs or evidence to support that diagnoses to get the most accurate max value.

We can't speak for other brokers, but at Silverman Life Settlements we guarantee maximum valuations and honor our fiduciary duty to always represent our clients' best interests. How do we do that?  By going to the marketplace only with your most favorable life expectancy to get you the highest bid possible.
Step 8: Buyer Extends A Formal Offer For Your Review & takes over the policy If You Accept.
If you choose to accept the formal offer, you will receive cash in exchange for your life insurance policy. Now there is a closing process that includes contracts, but it should all be taken care of by your representative or broker. 

After the settlement transaction, the buyer pays all future premiums and receives the payout benefits once you pass away.

If you're interested in receiving a personalized life settlement estimate or have questions about the process, click here to learn more in our Free Guide or call: (561) 296-2327 to speak to an 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.