Selling Your Term Life Policy?
Term policies are the most common life insurance policies on the market. If you’re over age 75 with a term insurance policy, call us today.
Term Life Settlement Calculator
Get an estimate
Is your Term policy convertible?
Term policies can rarely be converted after age 75. However, we've seen it happen before.
Get Relief From Costly Premiums
The buyer will convert your policy into a permanent product and take over any future premiums once a policy is sold.
Receive A Single Cash Payment
Sell your term life policy to the highest bidder and get paid in full in a single cash payment.
Out of Term, Not Out of Options
It is generally more challenging to pursue a life settlement with a term policy compared to permanent life insurance policies. However in many cases it can be done.
Policy Size and Health Status
Life settlement providers often have specific criteria for the policies they are willing to purchase. Larger face amounts over $100K and policies covering individuals with shorter life expectancies are the most valuable.
Cash Value Requirement
Life settlements are more common with permanent life insurance policies (such as whole life or universal life) that have a cash value component. Term life insurance policies usually do not accumulate cash value, making them less likely candidates for life settlements.
Conversion Option
Some term life insurance policies come with a conversion option that allows you to convert the policy into a permanent one. If your term policy is convertible, you may have the option to convert it to a policy that qualifies for a life settlement.
Life settlements are subject to state regulations, and the availability and value of a life settlement can vary from state to state.
Before pursuing a life settlement
– Review your policy documents to understand its features.
– Contact your insurance company to inquire about any conversion options.
– Consult with a financial advisor or life settlement professional
Keep in mind that selling a life insurance policy can also have tax implications, and it’s important to fully understand the financial and legal implications before proceeding with a life settlement.
