See if you qualify for a life settlement
How to sell your life insurance policy for cash?
Life settlements give you a safe and secure way to sell your life insurance
How to sell your life insurance policy for cash?
Life settlements give you a safe and secure way to sell your life insurance
If you are thinking of selling your life insurance policy, or even just want to know more about what is involved in a life settlement, Lighthouse Life is here to help you.
Life settlements are a more valuable alternative to cash surrenders, letting a policy lapse, or taking out a loan against a policy. A life settlement allows you to get the market value for the sale of your life insurance policy. Lapsing a policy back to the insurance company means you’ll receive no payout. Surrendering the policy results in you receiving a small payout. Life settlements provide you with a significant cash payment, averaging 4 or more times larger than the value of a cash surrender.
Get more, not less, from a life settlement. You owe it to yourself to find out if a life settlement can help you.
Customer Testimonials
See how much you could get from a life settlement
Does this describe you?
- You’re 65+ (or younger with a significant health issue)
- Your health has changed since you bought your policy
- You own a policy of $100,000 or more
If so, your policy could be worth thousands of dollars.
Selling your life insurance policy with Lighthouse Life
Selling your life insurance policy can feel daunting. We’re here to help make it easy for you.
As advocates for seniors, our focus is on you – answering your questions, providing you with resources, and making sure a life settlement is right for you and your family.
If a life settlement is the best option for you, we’ll help you complete the processes so you can get what is rightfully yours – the full market value for your life insurance policy.
Here is what selling your life insurance policy with Lighthouse Life looks like
We connect
You can prequalify in under 5 minutes by answering a few questions via phone, chat, or completing a short form.
Then, pick the date and time that works best for you for a follow-up conversation with one of our experienced team members.
You receive the offer
Once you’ve provided the necessary health and policy information, you’ll receive an offer from Lighthouse Life to purchase your policy.
Frequently, we’re able to make offers in as few as 5 days.
We complete the life settlement
If you accept the offer, we’ll send you the forms required to complete the life settlement. Once all forms are finalized and the life insurance company reports the change of ownership, your cash payment is released to you.
Can you sell your life insurance policy?
Yes. A life insurance policy is your property, just like a house, a car, or a piece of jewelry. It is your right to sell any property, including a life insurance policy, for cash.
If you do choose to sell your policy through a life settlement, our transparent process will help put you at ease.
Industry-leading consumer protections and disclosures mean your zero-pressure conversations with Lighthouse Life will result in you receiving our best offer for the full market value of your policy.
In general, to qualify for a life settlement, you must:
- Be at least 65 years old
- Have a life insurance policy with a value of $100,000 or more
- Have had a change in health since the policy was issued
In some cases, healthy seniors can also qualify for a life settlement.
Even if you do not squarely fit within these guidelines, so you should still contact us to see if you qualify.
Also, in many instances, you may choose to sell only a portion of your policy, keeping the remaining death benefit for your loved ones without having to pay any future premiums.
What factors affect how much your policy may be worth?
The face value, or death benefit of a policy, is different than the policy’s market value. The face value is how much the policy will pay out upon the insureds passing, while the market value is what the policy is worth for sale in an open market. Many factors contribute to what your policy may be worth when you sell it in a life settlement.
Life settlement value factors
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Future premium costs
The costs to maintain the policy from the time it is purchased until the time the insured passes are another significant factor in policy valuation. Lower projected premiums generally translate to higher offers for the policy, while higher premiums mean it will cost more money to maintain the policy, and usually result in lower offers.
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Life expectancy
Going hand-in-hand with future premium costs is the life expectancy of the insured. Historically, a policyowner with more severely impaired health would likely receive a larger offer for his or her policy than someone in excellent health. This is because the cost to maintain the policy would be lower, since it is likely premiums would not need to be paid for years and years until the benefit was paid. With that said, there are now options for healthy insureds - particularly those who are at least 70 years old with Universal Life policies worth at least $200,000. In those instances, life expectancy plays a mionimal role in policy valuation.
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Insured age
Insureds who are older will likely have a shorter life expectancy than a younger insured. Someone who is 60 today is likely to live longer than someone who is 90. This also means that a policy buyer would need to pay premiums on the 90 year old's policy for a shorter amount of time prior to receiving the benefit vs. the 60 year old.
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Policy type
Most policies sold in life settlements are universal life policies, including universal life, survivorship universal life, variable universal life, gauranteed universal life, and others. With that said, whole life, convertible term life, and even non-convertible term life policies can frequently qualify.
Policyowner's age: 79
Universal life policy: $800,000
Cash surrender value: $18,000
$75,000
Life settlement value
Policyowner's age: 77
Universal life policy: $250,000
Cash surrender value: $4,600
$75,000
Life settlement value
Policyowner's age: 74
Universal life policy: $500,000
Cash surrender value: $0
$30,000
Life settlement value
How do you know if you qualify for a life settlement?
To qualify for a life settlement, you can call us, chat with us, or complete a short online form. We want to make it as easy as possible for you.
Once you provide some initial information, a member of the Lighthouse Life team will contact you to ask some additional qualifying questions.
Once you qualify, we’ll help you with the rest of the process, lending a hand to help navigate the remaining steps in completing your life settlement.
How long does it take to sell my life insurance policy?
You can receive your life settlement proceeds in as little as 45 days, and most life settlements with Lighthouse Life are complete in under 60 days. Compare that with other life settlement companies, which can take four to six months, or longer.
Questions?
If you have any questions at all about life settlements, any member of our team will be happy to have a zero-pressure, educational conversation with you.
Life settlement resources
If you’d like to learn even more about life settlements, here are some educational life settlement resources:
Life Settlement Brochure
An overview of life settlements and how they can help you benefit from your life insurance while you are living.
Download
What is a Life Settlement? Everything Seniors Need to Know
Whether due to financial hardships, medical bills, or planning for retirement, life settlements allow seniors to generate money from the sale of their life insurance policies.
Read more
Selling a life Insurance Policy for Cash is Safe and Secure: Here’s Why
As long as you work with a good, reputable, and transparent life settlement company, you should be confident that your life settlement transaction will be safe and secure, and that your needs will be put first.
Read more