selling a life insurance policy

 

selling a life insurance policy means you will receive cash for giving up your monthly premiums and the death benefit to the buyer of your insurance policy.  Usually, buyers are financial institutions or investors.

 

Depending on the market value of your policy, it may make more sense to get the cash now rather than wait for the death benefits to your beneficiaries.  This means, you are letting go of any possible increase in value of your policy in the future.  You only get the value of the policy today.  Also, you may no longer need the policy, the premiums are too costly, or you need cash now.

 

The sale price is determined by the fair market value of the policy.  Here is an article on fair market value: http://www.calbrokermag.com/Magazine/story/april/LifeSettlements-Mountain.htm.  

 

Companies who will buy your policy:

http://www.ideal.bz/

 

http://www.life-insurance-settlement.com/life-insurance-settlement.html

 

This company states that they will give you 15 days to reverse the sale.  This means, you return all their money back and you are given back your insurance policy (subject to change).   "Safe Harbor Funds, LLC brokers to institutional funding sources for policy purchase. The funders we work with are all licensed in your state of residence and are backed by multi-billion dollar banks. The money for your life insurance settlement is in a bank trust and paid to you within three (3) business days after the change of ownership is received from your life insurance company. You receive an absolute right of rescission for a *minimum period of 15 days from the date your receive the funds for your insurance settlement - return the money and your life insurance policy is returned to you - no questions asked."

http://www.safeharborfunds.com/selling_a_life_insurance_policy.htm

 

Check out a company with the Better Business Bureau before you do business with them:  http://search.bbb.org/search.html.

 

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