Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • We consulted with one of our experts in this field and the short answer is yes, term policies are often converted to permanent policies such as UL and Whole Life products at the time of a Life Settlement transaction.

  • Login to rate this answer:   Answered on 4/19/2013
  • NewRetirement User

    46 year old

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  • Steve is 100% right. I’ve researched selling a life insurance policy to companies who buy life insurance policies -- and it’s all about being 70+ but not just selling a life insurance policy for cash… it’s about selling universal life insurance or convertible term life insurance to a top life settlement broker or the best life settlement company you can find, who will connect you to companies that buy your life insurance policy, actually do the buy out for cash. Can you sell a term life insurance policy? No, only a convertible term life insurance policy. And seniors absolutely must do the research on Google, searching on questions like – “can you sell your life insurance?” or “What is involved selling a life insurance policy?” or “Who can buy my life insurance policy?” Google searches will prepare seniors for what they have to know to get things done properly, such as: “Can I sell my life insurance policy?” jumping to, “Can I sell my life insurance policy – for enough cash to retire?” Seniors always tend to ask friends who don’t know anything, “Who can I talk to about selling life insurance policy…” and “Can I sell my life insurance policy to a broker, or to a life settlement company?” Life settlement companies only connect you to companies that buy your life insurance policy! Seniors also always ask, “How do I sell my life insurance policy for cash?” and “How do you start the process for selling your life insurance policy for cash?” plus, “Who purchases life insurance policies?” But it’s also good to search on questions like this to see what comes up, if you want to use life settlement cash to pay for long term care or a nursing home, like with a Harbor Life Settlements and Brookdale Senior Living program that accomplishes that – such as “help with pay for long-term care”, as well as “cash out life insurance”, “Dementia care”, “memory care”, “afford assisted living”, “Medicaid Spend Down”, “Veterans Aid and Attendance”, “insurance cash value”, and “surrender my life insurance”. Senior citizens that I know generally go to websites like MarketWatch.com, www.AARP.org, or The Insurance Journal or www.einsure.com to research selling a life insurance policy. It helps to look at articles on websites like www.harborlifesettlements.com. Senior policy owners will call a life settlement company like Harbor Life, and ask, “How do I know how much my policy is worth?” and “Who are the parties you deal with that that buy your life insurance policy?” And at that point are close to being ready to go about selling a life insurance policy. They also usually want to know if they can actually get 40% or 50% or 60% of a life insurance policy in cash value… 5 to 10 times what an insurer would buy out a life insurance policy for. That’s the bottom line. Signing a contract and skipping off with a couple hundred thousand dollars within 2 or 3 weeks. Try getting that done, that quickly, with stocks, bonds, mutuals and securities. Good luck!

  • Login to rate this answer:   Answered on 1/11/2019
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.