What is a Life Settlement?
As you inch closer to retirement age, it may be time to re-evaluate your overall financial situation in order to figure out how to maximize your investments, including your life insurance policy. If you decide that it’s time to sell your existing life insurance policy, the best course of action for a maximum payout may be a life settlement.
A life settlement is the result of selling your existing life insurance policy for more than its cash surrender value, but less than its net death benefit. Life settlements date back to the early 20th century, when the U.S. Supreme Court ruled that a life insurance policy was private property, and therefore served as an asset that the policyholder could choose to sell, at will. Over the last 30 years or so, life settlements have become popular with people aged 65 and up.
Like any financial decision, choosing to sell your insurance policy requires you to weigh all of your life insurance settlement options in order to understand when selling makes sense.
To see if you qualify, get started by completing our simple online qualifier or call us at 1.800.COVENTRY.