How to sell a life insurance policy for cash
Life settlements give you a safe and secure way to sell your life insurance
Selling your Life Insurance Policy with SellMyPolicy.ca
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 Sellmypolicy.ca 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 Sellmypolicy.ca 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 us 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.
How much could you get? Here are some examples.
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: 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 our 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 Sellmypolicy.ca 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.
SellMyPolicy.ca is a broker in life settlements. We work with various entities that purchase life insurance policies and we guarantee to get our clients the best offer possible. We do not charge any fees for our service.