What Do I Do If I Want To Sell My Life Insurance Policy?
A Life Settlement involves selling your Life Insurance policy to a third party for a lump sum of cash, while the buyer of your policy becomes the owner and beneficiary. The process starts by confirming your policy information and contacting a Life Settlement Broker.
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Demystifying the Process
There are a handful of steps to follow in a Life Settlement. To simplify the process to the utmost, your only required step would be to get professional help. When you contact IMS Settlements, we will handle the process from start to finish.
Key Steps in a Life Settlement
Review Your Policy
Confirm what type of policy you own, the amount of the death benefit, if there is a cash surrender value, expiration date, and premium amount.
Evaluate the Market
Contact a Life Settlement broker to determine the potential value of your policy. A broker can make a preliminary assessment of your policy and set expectations.
Shop the Policy
Your Life Settlement Broker will shop your policy with multiple providers. Providers are often institutional investors who buy multiple policies regularly. The more providers you can get to bid on your policy, the better chance you have of maximizing your proceeds.
Complete the Sell
A Life Settlement involves signing a contract, and laws and requirements in each state can vary. Paperwork must be completed as required prior to your receiving your money.
Determine Tax Liability
A portion of your proceeds may be taxable depending on how much you have paid in premiums and other factors. Review details with your Tax Professional.
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- Mary W.
Can I sell my term Life Insurance policy?
Yes, many term policies can be converted to permanent policies, but even nonconvertible term policies may be purchased by providers in some circumstances. Ask IMS Settlements for more details if your have a Term Policy.
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How IMS Settlements Can Help
There are several benefits to working with an experienced and professional broker such as IMS Settlements if you decide to sell your Life Insurance policy. Most importantly is we put our clients first and work with nationwide network of Life Settlement providers so we can obtain the best price for your policy.
IMS Satisfaction Guarantee
We hold ourselves to the highest standards of Service and Professionalism so if you don't like our work or our offers - let us know in writing and we will turn over your file.