Do you have a life insurance policy that you no longer need? Most people don’t realize that selling their life insurance policy is a possibility through what’s called a life settlement. A life settlement is defined as “the sale of any existing life insurance policy to a third party for more than its cash surrender value, but less than its net death benefit.”
I sat down with the Ardan Group to better understand exactly how this works.
What exactly is a life agreement:
A life settlement is a transaction where a life insurance policy is sold to a third party and is a way to convert your life insurance policy, while you are still alive, into money you can use now. Selling your life insurance policy will also free you from all future premium expenses.
Here are some frequently asked questions about life settlements provided by the Ardan Group:
Who is eligible for a life settlement:
Each case is unique and circumstances vary, but generally people over the age of 62 are eligible. Contact us to speak with a settlement expert who will provide a recommendation specific to your situation.
What types of policies can be sold in a settlement?
Term Insurance, Whole Life, Universal Life, Key Person, Joint Life.
What can I use the settlement funds for?
Pay medical bills, maintain your independence, increase your lifestyle in retirement, take a trip, make a charitable donation…there are no restrictions on how you can use the funds.
Does my insurance company have to accept a settlement?
No. The insurance policy is your asset, legally and contractually, and you have the
right to sell or assign this benefit for value (Vida/Viatico Settlement).
Does my current beneficiary have to agree to the Agreement?
Your current beneficiary will sign your Agreement and having the cash from the transaction could also benefit you. In some cases, you may also be able to leave a portion of your policy benefit to your beneficiaries.
How do I select a trusted settlement broker to sell my policy?
Look for a company that is an innovative leader, licensed, knowledgeable and experienced. Ardan has been highly regarded in the industry since 1990 and is known for delivering innovative, best value solutions ℠.
Are you interested in selling your life insurance policy? The professionals of the Ardan Group will help you and your family obtain the Best Value Settlement℠ and optimize this important financial benefit! Call them today to see if you qualify at 1-800-699-3522.