Life settlements
Your life insurance policy is an asset. Find out what it could be worth before you surrender it or let it lapse.
Each year, millions of seniors surrender or lapse their life insurance and walk away with little or nothing, often because they don't know they could sell the policy instead. A life settlement is that sale. A third-party buyer pays you a lump sum of cash, takes over the premium payments and becomes the policy's beneficiary.
Life Settlements Now helps policyholders in Phoenix, Arizona find out whether their policy could be sold and what that would involve. As your broker, we market your policy to multiple buyers to get you the strongest offer, rather than accepting the first number one buyer puts forward.
Symptoms
The reasons you bought the policy may have changed. A spouse may have passed away, the mortgage may be paid off, the children may be independent, or a business may have been sold. A policy you no longer need can still be worth something.
As premiums rise, many people think lapsing or surrendering is the only way out. Selling the policy may return far more than its cash surrender value. Industry figures for 2023 put the average sale at about six times surrender value.
Some policyholders sell a policy to help pay for long-term care or to fund retirement, turning a future death benefit into money they can use today.
Universal life policies are sold most often, but term policies are a close second. Whole life, survivorship (second-to-die), first-to-die and group policies can also qualify. Most buyers look for a face amount of around $100,000 or more, and there is no upper limit.
Our process
We start with your goals, your policy and what you're considering, so the conversation stays on the decision in front of you.
Buyers weigh three main things: the premiums needed to keep the policy in force, your life expectancy, and the policy's face amount. We explain what we're requesting and why.
Our job is to present your policy to many buyers and bring back the strongest offer. Contacting a single buyer directly often means leaving money on the table.
Every offer is specific to your policy and health. You're under no obligation to accept, and our compensation is disclosed in writing before you sign anything.
Scope
We discuss the review and every next step with you directly, starting with your first call.
Request a policy reviewYes. The U.S. Supreme Court recognized a life insurance policy as transferable property in 1911 (Grigsby v. Russell). Today, settlements are regulated by state departments of insurance, which approve buyers and contract language. The process also includes safeguards such as physician confirmation that you are of sound mind.
No. Health matters because life expectancy affects the offer, but many healthy seniors in their 70s and 80s sell their policies. Younger policyholders usually need significant health issues to qualify, though convertible term policies can widen who qualifies.
It depends on your premiums, your life expectancy and the policy's face amount. Lower premiums relative to the face amount, and a shorter life expectancy, generally mean a higher offer. We can't quote a figure until the policy has been reviewed.
Often, yes, especially if it can still be converted to a permanent policy. A non-convertible term policy can sometimes be sold when the insured has health issues.
Related services
Clear guidance for policyholders considering viatical settlements and alternatives to letting coverage lapse.
Clear guidance for understanding universal life policy options.
Clear guidance for understanding second-to-die life insurance and possible alternatives to surrender or lapse.
If you are considering surrendering a policy or allowing it to lapse, a consultation can help you understand life settlements and other available alternatives.
Life Settlements Now
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