Life Settlement Process

Discover how to turn your life insurance policy into cash with our step-by-step life settlement process guide. Whether you no longer need your policy or want to access funds for retirement or medical expenses, a life settlement offers a valuable solution.

What Is a Life Settlement?

A life settlement is the sale of an existing life insurance policy to a third party for a cash payout. This payout is typically greater than the surrender value of the policy but less than its face value. For many policyholders, a life settlement can provide much-needed financial flexibility—helping with retirement, paying off debts, or covering medical expenses.

If you’ve ever wondered how to make the most of your life insurance policy, the life settlement process is here to help you unlock its hidden value.

Why Consider a Life Settlement?

Life settlements are a powerful financial tool for policyholders who no longer need or can afford their policies. Here’s why you might consider selling your life insurance:

  • Immediate Cash Payout: Get a lump sum payment to use however you need—medical bills, retirement, or unexpected expenses.
  • Eliminate Premium Payments: Stop paying costly premiums for a policy you no longer need.
  • Unlock Hidden Value: Many policyholders are unaware their policy could be sold rather than surrendered or allowed to lapse.
  • Financial Flexibility: Use the funds to improve your quality of life, support your family, or invest in other opportunities.

Understanding the Life Settlement Process

Selling your life insurance policy might seem complicated, but with our clear and friendly guidance, it’s easier than ever. Below, we outline the simple steps involved, so you’ll know exactly what to expect.

What to Expect Throughout the Process

At every stage of the life settlement process, we prioritize transparency and your best interests. Here’s what you can expect:

  • Expert Guidance: Our team is here to answer your questions and provide clear advice every step of the way.
  • Competitive Offers: Your policy is presented to a wide network of buyers to ensure you get the best possible deal.
  • No Hidden Fees: We operate with full transparency, so there are no surprises along the way.
The Life Settlement Process Can be Fun & Easy

Ready to Start Your Life Settlement Journey?

Take the first step today! Use our Life Settlement Calculator to get an instant estimate of your policy’s value or speak to one of our friendly experts for personalized guidance.

Frequently Asked Questions

How long does the process take?

The process typically takes 6–12 weeks from start to finish, depending on the complexity of the case.

What information do I need to provide?

To start you’ll need details about your policy, such as the face value and policy number plus the contact for any doctors you have seen in the past 5 years. 

If an offer is accepted additional documents will be needed in the contracting step such as copy of drivers license & copy of original policy. 

What happens after I sell my policy?

Once you sell your policy, the buyer assumes all premium payments and becomes the beneficiary. You receive a cash payout and are no longer responsible for the policy.

Is there any obligation to sell my policy?

No, you are never obligated to sell your policy. If the offers don’t meet your expectations, you can choose to keep your policy.

How are life settlement offers determined?

Offers are based on several factors, including your age, health, policy type, face value, and premium costs. Our platform ensures competitive bids from multiple buyers.

Can I sell part of my life insurance policy?

Yes, partial settlements may be an option, allowing you to sell a portion of your coverage while keeping the remainder.

Step-by-Step Timeline

Step 1
15 Minutes
Initial Consultation

 Speak with a life settlement expert who will explain the process and assess your eligibility.

Click Here to Schedule

Step 2
1-3 Days
Application

Just like when you purchase life insurance, the process begins with a short application. Be prepared with details like your policy number, issue date, and doctor’s information.

Step 3
2-4 Weeks
Requirement Gathering

Our back-office gathers policy and medical documentation. If you can provide some of the documents, this can speed up the process.

Step 4
2-4 Weeks
Out for Offer

Your policy is sent to multiple funds for underwriting. These buyers will evaluate your policy and provide offers. We negotiate on your behalf to ensure you receive competitive bids.

Step 5
1 Day
Acceptance

We’ll review all offers together, and if none meet your expectations, you are under no obligation to sell. However, if you decide to move forward, you can accept an offer with the confidence that you’re getting the highest value available.

Step 6
7-10 Days
Contracting

Once you accept an offer, we prepare the necessary contracts. You’ll also need to provide supporting documents, such as a copy of the original policy. The following parties must sign:

1) Policy Insured

2) Policy Owner (if different)

3) Beneficiary (if not the insured's estate)

4) Spouse (if applicable)

Step 7
1-2 Weeks
Changes

Change forms are submitted to the insurance carrier for a change of ownership and beneficiary. The closing company tracks progress until written confirmation is received from the carrier.

Step 8
1-3 Days
Funding

Within three (3) days of closing, the accepted purchase price is released.

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