If you’re thinking about selling your whole life insurance policy , you’re probably looking into determining what is a life settlement or viatical settlements, and into getting to know all of the details.
Whether you’re going to be selling your policy because you believe your beneficiaries don’t need any financial support from your death benefits once you pass away, or if you’re looking for a cash payment that will help you cover some medical bills, or even if you want to stop making the premium payments to your insurance company, a viatical settlement might be a good option.
The best way to sell your life insurance policy is to work with a viatical settlement company, where you can get help and assistance throughout the entire process. But it’s not always easy to choose the best company.
It takes a lot of time to find and research all the different life settlement providers that can help sell your life insurance policy, and it’s easy to get lost in all the information. However, doing that work also means you’re going to be certain you’ve made the best choice for yourself.
One thing you should know is that you should always make sure that the company you decide to work with a member of the Life Insurance Settlement Association (LISA), to know if they are a reputable company.
To help you out in your decision-making, we’ll be going over things you should be looking for when researching life settlement providers.
Things to Look For In Life Settlement Companies
There are certain factors you should take into consideration when deciding which viatical life settlement provider to work with. This is because you want to get the top deal possible while having a fast and smooth process when exchanging death benefits for more than the cash surrender value payout for your insurance policy.
Understanding Your Situation
When you decide on a life settlement provider, you will be working with one of the top life settlement agents that the company has, and while there’s nothing wrong with looking for the best solution quickly, that agent should take the time to understand your situation as the policyholder.
This person should be interested in learning your circumstances, your health, and why you’re looking to sell your insurance policy. With this knowledge, they’ll be able to create a deal that will work well for you. They should also be willing to help you out with any questions you have, and to walk you through the process, clarifying the life settlement market.
Big Lump Sum
Another thing you should be aware of is that the best life settlement companies will work to get you the best offer possible.
While there are plenty of different things that can have an effect on the cash surrender value of your policy, life settlement companies are already knowledgeable on all of the different factors that come into play when selling a life insurance policy, and they can quickly provide you with the best and most accurate information. Some of the things that can impact the policyholder’s payout include the insurance premiums, the policy’s death benefits, the policy type, and the insured’s health.
Quick Life Settlement Transactions
Any of the best viatical settlement providers are going to do everything they can to get you the best payout for your policy as fast as possible.
Companies can do this by eliminating some unnecessary processes and giving you all the information you need about your life insurance policy beforehand. Additionally, the top life settlement companies also have a streamlined process where you’ll be able to get your lump sum as quickly as possible.
Availability and Disclosure
Another note of importance for policy owners is the availability of different life settlement brokers or life settlement companies. There are some states that have these types of companies, and others that don’t, so you should make sure that the company will be able to reach you without too much effort before deciding to work with them.\
Finally, you should also ask any life settlement broker you’re considering about any sort of taxes or commissions that might affect your payout before you decide to sign any agreement. This is important for avoiding any surprises down the road. The top brokerage firms will happily share this information with you to help you make the best decision.
Top Life Settlement Companies for Viatical Settlements
Different folks have different priorities in choosing the best life settlement company to work on their viatical settlement, so we’ve made a quick guide that will hopefully help you make the best decision.
Apex Settlement Group
Apex Settlement Group is one of the top life settlement companies that offer vertical settlements, and their staff are experts at helping you throughout the process. If you have concerns about your long-term care options, life expectancy, and terminal illness, they can give you great advice and quickly finalize the viatical settlement process.
Windsor Life Settlements
This is a life settlement company that has a lot of information that can help you navigate the process and extensive tools to go with that. They can get you a great cash payment during your viatical settlement, which makes it a great settlement option .
Magna Life Settlements
This is a very reputable life settlement company that’s been around in the life settlement industry for years, and operates in practically every state. Their agents can help you with all of the different options you can get with viatical settlements, and you can also use their payment calculator to see an estimate of how much you can get from your insurance policy.
Harbor Life Settlements
Another top life settlement company that has extensive experience in the life settlement industry and is available to do business in many states. Working with this company means you have someone else that will work with you to get the best cash value for your insurance policy.
Abacus Life Settlements
This is a company that has premium life settlement buyers and can find someone to purchase life insurance policies quickly because of their fast processes and excellent customer care. It does business in over 40 states and has a proven track record.
Don’t lose your lifelong investment. Discover your policy’s value today.
Viatical Settlements and the Entire Life Settlement Process FAQ
What are the differences between the cash surrender value and the cash value of your insurance policy?
Simply put, the cash value of your policy is the amount you’ll be able to borrow while also maintaining some life insurance coverage, while the cash surrender value is the payout you receive if you completely give up the ownership to your insurance policy.
Are your medical records going to be private if you work with a life settlement broker or life settlement company?
To be able to go through the viatical settlement process, you’ll have to provide the company or the broker with all your medical records to prove you have a terminal illness. You will be asked to sign a HIPAA to share these records with the company and its underwriters.
Will your viatical settlement payout be affected by the net death benefits?
Although there are plenty of different considerations that are involved in evaluating the value of your policy, the general rate usually averages around 20% of the life insurance policy death benefits.
Can you calculate the value of your policy?
Although there are plenty of online calculators available, you can always use Apex’s own user-friendly life settlement calculator and find out the estimated value of your policy.
Don’t lose your lifelong investment. Discover your policy’s value today.