Life Settlement: Advice, Reasons, How To's

How to Get a Free Appraisal on a Life Settlement

Many seniors who purchase a life insurance policy will end up letting their policy lapse or will end up surrendering it. This is not the most favorable choice as there are many buyers of these life insurance policies, so it would be like giving your house away to a stranger, rather than asking for any money. So your next question may be, well, “How do I get a free policy appraisal?” The answer is simple, you just need to find a reliable life settlement company.

Here are the easy steps associated with finding a company that will complete a free life settlement appraisal:

1. Visit your favorite search engine. Then search for life settlement company.
2. After, look for a company offering a free policy appraisal.
3. Then, make sure the companies that offer this are members in great standing with the BBB. Ideally, they should have 0 complaints, or a very small amount.
4. If they have no complaints, you can be assured they will conduct a free policy appraisal. There are costs involved but that means the company is willing to pay out of pocket in hopes you will move forward with the sale of your life insurance policy or life settlement.
5. If you decide to accept an offer, at that point the life settlement company will take a small percentage. Almost like how an attorney office works, they only get paid if you get paid.

The bottom line, if you thought at one point in time, “Should I sell my life insurance policy for cash? The answer is clear. You should at least get a free policy appraisal! Even if you have a term life insurance policy, with no cash value, many of these policies can be converted into a permanent type of life insurance, and you would not be responsible for the conversion premium, the buyer would.

Life Settlement Company: Sell Your Insurance Policy

If you have ever considered letting your policy lapse or surrendering it because you no longer need the insurance, can no longer afford your insurance, need money for retirement, need to pay for long term care insurance, or because tax laws have changed?

Rather than wasting the money you paid into the life insurance policy, many would rather obtain a large lump sum and sell their life insurance policy. When a senior does this, it is known as a life insurance settlement. To complete a life insurance settlement, it is best to find a reputable life settlement company. Many of them offer a free policy appraisal, that will allow you to get your policy appraised for fees and like attorneys, they are only paid if they are successful in getting you a settlement.

Typically, these senior life insurance settlements yield on average about 4-8 times the amount of the cash surrender value. In some policies, there might not be any cash value. This is normally the case with the traditional term life insurance policy. If you have cash value, chances are you are a permanent insurance policy, such as universal or whole life. The bottom line is this, if your needs have changed, rather than just letting your policy lapse, and receive no money, you should agree, and think, “Ok, well if I can get a free appraisal, I might as well sell my life insurance policy for cash before I let it lapse.