Life Settlement Tips: When to Find a Life Settlement Company

If you have been considering letting your life insurance policy lapse, and or just cancelling the policy all together, you should heed my warning. Read this post first! They're a multitude of reasons as to why you should not let your policy go, primarily financial. You may be able to obtain a far more favorable cash offer on your policy.

That's right. Did you know that you could get up to four times the cash surrender value by completing a life settlement? You may be thinking "Yeah, but there are probably some really stringent requirements that I must meet before I can complete a life settlement and sell my life insurance policy!" There are a few specific factors that must be met in order for one to be considered a life settlement candidate. First, you will want to make sure you are at least 65 years of age. Second, you want to ensure that your policy has been active for 2 years, this ensures that the policy is out of the contestability period. Typically, the investors want to ensure that your policy has a face value of at least $50,000; with most requesting policies in excess of $200k. If you meet the aforementioned criteria, than you should get a free policy appraisal. If you have paid money, for years and years, into the life insurance policy, and no longer need it; why should you get the short end of the stick?

Many times, we are unaware of our options, the reason why life settlements are not advertised on TV that much is that there is a few requirements that eliminate many of the potential candidates, meaning, many companies who advertise on TV will lose money. So if you are looking for a way to monetize from your unwanted or unneeded life insurance policy, consider completing a life settlement.

When to Consider a Life Settlement

Have you ever considered completing the transaction known as a life settlement? For many seniors, a life settlement may be the solution if a life insurance policy is currently unwanted or unneeded. A life settlement will allow a senior citizen to sell their life insurance policy, and no longer worry about the high premiums associated with it. The most sought after benefit is the large lump sum that many investors are willing to pay for these policies.

Many times, life settlement investors will want to see that you have a life insurance policy in excess of $50,000. Additionally, whether you have term life, whole life, or universal life; does make a difference, as different investors prefer different policies. Keeping this in mind, it would be wise to speak to a licensed life settlement broker, who has access to the largest amount of investors, banks, and hedge funds. You may be wondering, "What qualifications must I meet to complete a life insurance settlement?" The answer is simple, any! Some sell their life insurance policy because they under estimated the cost of retirement, want to go on a dream vacation, put monies into a college fund, or just because they would prefer to get a lump sum cash.

With so much turbulence in this economy, it may be scary leaving yourself vulnerable by not having a sufficient monthly cash flow, nor a diversified portfolio. Liquidating a life insurance policy, in some instances, can help the aforementioned problems. For more information on life settlements, click here.