Eligibility is largely determined by policy type. If you own a Guaranteed Universal Life or qualifying Universal Life policy of $250,000 or more, you may qualify for the Enhanced Cash ValueSM program, which enables policyowners to access liquidity from their policies in as little as one week with no medical records or underwriting required.
For those who own other policy types of $100,000 or more, such as whole life, term life, variable universal life, survivorship, or universal life policies that don’t qualify for the Enhanced Cash ValueSM program, the insured must be age 65 or older or have had a significant decline in health since the policy was first purchased.
Like many policyowners, you likely purchased life insurance to protect your family or business. As circumstances change, however, so does your need for coverage, and considering a company to buy back your policy might be a great option. You may want to consider selling your life insurance policy if:
Consider a life settlement if your policy is no longer affordable due to increased premium payments.
Avoid a lapse and make the most of your life insurance before your term policy expires.
Use a life settlement to help cover your immediate needs and alleviate the stress of medical expenses.
Achieve peace of mind by selling your policy to boost your savings and supplement your income.
Retain a portion of your coverage and eliminate future premium payments with a Retained Death Benefit.
Looking for a company to buy your life insurance? Coventry is the nation’s leading purchaser of life insurance policies and has helped thousands of people turn unneeded coverage into meaningful cash. In fact, Coventry has provided policyowners more than $6 billion for their policies. As the leader among companies that buy back existing life insurance policies, Coventry makes the process simple, and Coventry Direct can help you find out if your policy qualifies.
Life insurance is an asset that can be sold just like your home or automobile. When you sell your life insurance policy—a process known as a life settlement—you receive a lump-sum cash payment or a combination of cash and coverage with no future premium obligations. The purchaser takes over future premium obligations and receives the death benefit when the insured passes away.
A life settlement is often a more lucrative option than lapsing or surrendering a life insurance policy and provides, on average, four times more than the cash surrender value.
Watch our customer reviews to learn more about the benefits of working with Coventry Direct.
Can I sell my life insurance policy for cash?
Yes. If you own a qualifying life insurance policy, you may be able to sell it through a life settlement for a lump-sum cash payment. The buyer takes over premium payments and becomes the policy’s new owner and beneficiary. To find out if your policy qualifies, simply send us the policy information and the insured’s health information and we’ll let you know instantly if you may be able to sell it for cash.
Who qualifies to sell a life insurance policy?
Eligibility typically depends on the insured’s age and health, and the policy’s premium schedule and death benefit. In most cases, the insured must be 65 or older to qualify. However, younger individuals may be eligible if they’ve experienced a decline in health or you own a Guaranteed Universal Life or certain Universal Life policies of $250,000 or more. For those who own other policy types, such as whole life or term life, the minimum face value to qualify is typically $100,000.
Coventry Direct makes it easy to find out if your policy qualifies. Simply submit your policy info and we’ll let you know if you may be able to sell it—no cost, no obligations, and no change to your existing coverage.
How much can I get if I sell my life insurance policy?
The amount depends on several factors, including the insured’s age and health, the policy type, expected premiums, and the death benefit. On average, a life settlement pays four times more than the cash surrender value. Coventry Direct can evaluate your policy to let you know instantly if it might qualify for a lump-sum cash payment.
What type of life insurance policies can be sold?
Most policy types qualify, including universal life, whole life, variable life, survivorship, group life, and even some term life policies. Term policies can often be converted into permanent coverage and then sold, though this may not be required in every situation.
Is selling my life insurance policy safe?
Yes. Life settlements are regulated transactions handled by licensed providers. Coventry has been a trusted leader in life settlements for nearly 30 years, ensuring each policy it purchases is handled with full compliance and the utmost care.
What’s the difference between a life settlement and a viatical settlement?
A life settlement is typically for seniors or those with changing financial needs, while a viatical settlement is for individuals with a terminal illness. Both provide a cash payout in exchange for transferring ownership of the policy.
What happens after I sell my life insurance policy?
After the sale, you receive a lump-sum cash payment or a combination of cash and coverage with no future premiums, and the buyer takes over all future premium obligations. The buyer becomes the new beneficiary and receives the death benefit when the insured passes away.
Why should I sell my life insurance policy instead of canceling it?
Lapsing or cancelling a term policy typically results in no refund of premiums, while a life settlement allows you to recoup some of the premiums you’ve paid into the policy. For permanent policies with accrued cash surrender value that could be redeemed if you surrender the policy, life settlements can provide substantially more than your carrier would provide. If you no longer need coverage, selling is often the most financially beneficial option.
Inside, you’ll find more information about us and the process of selling your policy.
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We’re here to help. Speak with a Policy Specialist today at 1-800-COVENTRY