The decision has been made to sell your life insurance policy. Whether your financial strategy involves supplementing your retirement income, saving on premiums for a policy you no longer need, or finding a way to pay for long-term care, due diligence pointed to a life settlement as the best solution. In exchange for your policy, you will receive a lump sum of cash that is larger than the cash surrender value.

Now comes the next step: How do you sell your life insurance policy? The good news is, the process does not have to be complex. Your insurance agent or financial advisor can contact IMS Settlements, a national industry-leading life settlement broker that will oversee the process and work to get you the highest possible bids for your policy.

The Life Settlement Process

If you are wondering, “How do I sell my life insurance policy?” you should know that a broker’s role is to make the process convenient and transparent for you while striving to maximize your payout. All you have to do is decide to sell the policy, collect the cash and then use it as your financial needs dictate. IMS will do the rest of the work.

Transparency — keeping you, your insurance agent or your financial professional well informed — should be a part of the process, even though the work takes place behind the scenes. The key steps:

• Evaluate and assess the worth of your policy. How much a buyer — aka a life settlement provider — is willing to pay for a policy is determined by myriad factors. These include the amount of the death benefit, the amount of the premiums, the type of policy, and the insured’s age and medical condition, among others.
• Secure the best offer. IMS shops your policy with numerous providers in what amounts to a sort of auction. Buyers are often large institutional investors that own many policies as a way of diversifying their holdings. IMS Settlements is an established life settlement broker and has a robust portfolio of buyers.
• Help close the deal. Regulations dictate various parts of the life settlement process. Experienced brokers understand the regulatory landscape and work to ensure that settlements are finalized and in compliance. 

What About Term Policies?

If you are wondering how to sell your term life insurance policy, wonder no longer — they fall under the same life settlement process. Term policies have value to life settlement providers because many can be converted to a permanent policy, so investors will still collect when the insured dies. Even nonconvertible term policies can be sold under certain circumstances.

How IMS Settlements Can Help

Simply put, IMS Settlements knows how to sell your life insurance. We have more than 50 years of combined experience in the industry and relationships with a multitude of life settlement providers to draw the highest possible bids. If you’re asking, “How does selling your life insurance policy work?” it starts with choosing a reputable broker. Contact IMS today for your free policy valuation.