Cash Paid for Your Life Insurance Policy. Free Policy Valuation Appraisal.
Cash Paid for Your Life Insurance Policy. Free Policy Valuation Appraisal.
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There is no fee to receive a policy appraisal. The life settlement broker is paid by the third-party funder. The life insurance policyholder has zero out of pocket expenses.
No, you do not need to complete a medical exam to be eligible for a cash settlement. The third-party funder will review your life insurance policy and your medical history to determine if you will receive a cash settlement offer.
There are several factors the third-party funders will analyze to determine your appraisal:
Step-by-step Appraisal and Required Documents:
Policyholders may receive an offer (or decline) within one to six weeks, depending on the time it takes to complete the application and to receive the required documents. If you have online access to your medical records, it will shorten the time frame substantially to receive a decision.
You must be age 65 or over to apply for a cash settlement. There are exceptions to the "age 65" rule based on health of the insured.
Policy must have a minimum death benefit of $100,000.
No. The third-party funder will request a copy of your life insurance policy to determine if you are eligible for a cash settlement. Generally speaking, a convertible term life or a Universal Life policy are recommended to receive a policy appraisal.
You may accept or decline the cash offer. Your policy will remain intact (as is) should you decline the cash offer. Again, there are no fees to complete a policy cash appraisal.
1. Your life insurance premium is causing financial stress.
2. You do not need the coverage anymore due to life changes. (Spouse passed away, divorce, no financial need, kids are grown, etc.)
3. You have high medical bills or other debts and would like to receive cash to help with the increasing financial burden.
No. Once you accept and receive the cash offer, your policy ownership and beneficiary rights will be transferred to the third-party investor for all future premium payments and eventual policy proceeds. All rights to your policy are terminated once cash offer is accepted and received.
You only pay tax on the portion of your cash proceeds that is greater than the total amount of premiums paid into your life insurance policy. NOTE: See Your Accountant For Complete Details.
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