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Like many Americans, you 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:
- 7111 Valley Green Road, Washington, 19034, PA
- info@coventrydirect.com
- (800) 268-3687
Oct 17, 2023 · Enhanced cash surrender value is an offer from a life insurance company to “buy back” a policy it issued for more than the accrued cash surrender value. Enhanced cash surrender offers are typically limited-time deals that end within a few months to compel policyowners to surrender their policies.
- Can You Sell Your Life Insurance Policy?
- How to Sell Your Life Insurance Policy
- How Much Can You Get For Selling Your Life Insurance Policy?
- What Factors Can Impact How Much Cash You Get from Your Life Settlement?
- Selling A Whole Or Universal Life Insurance Policy
- Selling A Term Life Insurance Policy
- Why Do People Sell Their Life Insurance?
- Alternatives to Selling Your Life Insurance
- Common Life Settlement Questions
- Pursuing A Life Settlement with Coventry Direct
Yes, you can sell your life insurance policy by obtaining a life settlement or viatical settlement. Selling a life insurance policy can be used to cover medical bills and additional living expenses. The process of obtaining a life settlement involves selling a life insurance policy to a third-party buyer for a cash payout that is more than the poli...
Whether you’re considering selling your life insurance policy due to affordability issues or you simply no longer need the policy, the process of selling a life insurance policy begins with finding an interested buyer, meeting the basic qualifications, and then discussing your options with a licenesed provider. So, how do you sell your life insuran...
The amount of cash you may be offered for your policy can vary greatly based on the specifics of your case. There’s no standard settlement ratio or payout amount, so there’s unfortunately no reliable way to provide an accurate estimate of what your policy may be worth until you go through the evaluation process. However, according to a study by the...
You may have encountered life settlement calculators while researching life settlements, but you shouldn’t rely on any estimate you may have received using them. Life settlement calculators are based on very limited information and are almost always inaccurate. Instead of providing an unrealistic estimate using a calculator, let’s take a look at ho...
When it comes to permanent whole or universal life policies that can build cash value, the size of the cash reserve can be a determining factor in whether the policy qualifies and how much you could get selling it. A life settlement provides more money than the cash surrender value, but less than the total death benefit.
When selling term life insurance policies, the policy will usually need to be convertible, except in the case of a viatical settlement. If the insured has a terminal illness, a non-convertible term policy could qualify. Other policy types, such as group or keyman policies, will need to be evaluated on a case-by-case basis.
You need money for retirement
15% of Americans across all working generations haven’t saved anything for retirement. Fidelity Investments estimates that a 65-year-old couple retiring today in good health would need $285,000 just to cover health care expenses alone during their retirement. The combination of no savings and increasing health care costs is a dangerous combination for many of America’s seniors. While younger workers still have time to pad their retirement accounts to make up for increasing health care costs,...
Preparing for unexpected expenses
Life can be unpredictable and planning for what may come your way isn’t always a straight-forward process. Coupled with the fact that health care, long-term care, and medical care costs are rising much faster than inflation, unexpected expenses are quickly becoming a major concern for seniors. To combat this uncertainty, many seniors choose to sell their life insurance policy to create a safety net and mitigate any potential financial burden they may place on their family. There was recently...
You no longer need the coverage
Life insurance is often purchased as income protection to cover living expenses for families in the unlikely event a catastrophic event occurs. However, as that reason for purchasing the policy changes or goes away entirely, it may no longer be necessary to maintain the policy. And even if you’d like to maintain coverage, the policy you purchased to accommodate your situation years ago may no longer be the best or most affordable option. Selling an unneeded policy can help recoup some of the...
Not everyone will qualify or wish to pursue a life settlement. For those who do not, there are a few alternative options for you to consider when deciding what to do with an unwanted policy.
How long does it take to sell my policy?
The timeline is heavily dependent on how responsive the insured is and how quickly his/her medical providers and insurance company return requested documentation.
How long do you need to have a policy before you can sell it?
Depending on the state in which you reside, you may be subject to a two- to five-year waiting period from the date you originally purchased the policy before you can sell it. This is determined by state law.
What if I’m desperate for cash and need to sell my life insurance policy fast?
In certain situations, your settlement can be expedited, or you could receive a cash advance. This is determined on a case-by-case basis and is not always available. You’ll need to speak with your life settlement representative to see if you qualify.
If you decide that selling your life insurance policy is right for your current situation, Coventry is uniquely positioned to help. Consistently ranked No. 1 amongst companies that buy life insurance policies, Coventry has delivered more than $4.5 billion to life insurance policy owners. You can get startedright now by using our online policy evalu...
A Retained Death Benefit enables you to exchange your existing life insurance policy for a smaller policy with no future premium obligations. You can even elect to receive a combination of cash and coverage — a win-win solution for those who need cash but also want to maintain coverage.
For insureds who do not have a terminal or chronic illness, a life settlement may be a better option for selling an unwanted life insurance policy. To qualify for a life settlement, you need to be at least 65 and own a policy with a face value of $100,000 or more.
Coventry created the secondary market for life insurance, coining the term “life settlement” to describe the transaction that enables policyowners to sell their unneeded life insurance policies.
Coventry Direct has helped thousands of policyowners sell their life insurance policies for cash. Vist www.CoventryDirect.com or call (800) 449-5500 to find out if you're sitting on a...
