If you’re of a certain age and have an unexpected financial emergency, it can be scary to try and figure out where the money you need might come from. In some cases, this might be a medical diagnosis that comes with hefty medical costs. In such situations, it may be worth talking with a company about whether or not you qualify for a life settlement. Dozens of life settlement companies can help you determine whether or not you’re eligible for such a settlement. These businesses will be able to help you access money you otherwise wouldn’t be able to tap into in an emergency. But what exactly is a life settlement?
Put simply, a life settlement is when you sell your existing insurance policy for immediate access to a portion of its funds. The reasoning behind why you want this money could be anything, including paying off debt or giving you some extra money in retirement. Generally speaking, though, you’ll want to seek out a life settlement if you have an expensive surgery, treatment regimen, or urgent care services. Some people even choose to sell their insurance policy to avoid costly premiums. Still, some may find that they qualify to sell their life insurance policy at a time when they no longer need it. Whatever the reason, seeking a life settlement can help you rid yourself of a policy you no longer need instead of money you do.
How does one qualify for a life settlement? Several criteria need to be met before you’re able to sell your life insurance policy. In some cases, you’ll qualify for a life settlement if you’ve been diagnosed with a terminal illness. These situations afford you access to your life insurance policy regardless of your age. If you haven’t been diagnosed with such an illness, however, you will have to wait until you’re 76. One final qualification that must be met regardless of other factors is the need to have a policy valued at at least $100,000. If your policy’s value is lower than this threshold, you unfortunately will not be able to sell your life insurance policy.
Many companies have free forms that can help you determine what you might qualify for. For example, the website Sell My Life Insurance Policy offers a form with only two steps that need to be completed to find out what your policy is worth. In the first step, you need only share your current policy value, age, gender, or diagnosis, if applicable. In the second step, you’ll share your personal information and a few methods of contact. That’s all it takes to take the necessary steps to get closer to the financial relief you’re seeking. After filling out an online form, a representative from the company will reach out to you to tell you whether or not you are approved to sell your life insurance policy and what the next steps are. Once you know you qualify, you can sell your policy quickly and get the money you earn deposited electronically.
Selling your life insurance policy can be a difficult situation to make; however, it may be exactly what you need to find financial security. Whether it’s because you’re interested in paying off debt or because you need to pay for an expensive medical procedure, obtaining a life settlement can help you get on your feet. Because a life settlement generally pays you between 25 and 50 percent of the face value of the policy, if you have a high-value policy, you can make a good amount of money quickly by selling it. If you’re interested in learning more about your options, it never hurts to reach out to a life settlement company.