1. 63333 POINTS
    Peggy Mace, Certified Senior Advisor (CSA)®PRO
    CEO, Outlook Life, Inc, Most of the U.S.
    Life settlement companies may be interested in buying your whole life insurance policy. Generally, the insured person must have very advanced age or poor health for them to consider such a purchase. There are other options, such as having a relative pick up the premiums, setting up your policy to fund the premium, or cashing it in for surrender value. Contact someone you trust for assistance in making this decision.
    Answered on November 8, 2014
  2. 21750 POINTS
    Jim WinklerPRO
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! There are companies out there that make a living off of other people's hardships, and there are certainly ones that would buy your policy. I have to ask you why you are even considering this. They will not pay you near the face value, and you will be without coverage if you sell it. If you need cash, have you considered taking a loan out of the cash value? Your coverage continues, and the process of getting the cash is very simple, and quick. Please consider talking this decision over with someone before acting upon it, okay? Thanks for asking!
    Answered on November 10, 2014
  3. 7479 POINTS
    Steve KobrinPRO
    President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
    Could be. Just make sure you know what you’re gaining, and what you’re losing.

    What if you sell it, and then need coverage again? Would you be eligible, considering your medical condition and lifestyle? Of course, you do understand the price would be higher simply because you’re older than when you had taken out that policy originally.

    What about the cash value of the policy? That might be higher than the selling price. Think about that. Do your research.

    Also remember that with whole life insurance, you would be parting with a product that gives just about the best guarantees around. Guaranteed premium. Guaranteed death benefit. And guaranteed cash value. Take a quick survey of the marketplace and see if any of other product gives you a better rate of return on the guaranteed cash.

    Having said all this, if you are dead set on selling the policy, you have to find a good settlement company with whom to do business. They are a dime a dozen. Get a referral to some good ones. Interview them. Let them compete for your business. What is the most one would pay?

    You should know that they will underwrite you. Your age and medical condition are key. They will not take all comers. Older, and frankly sicker, insureds are their preference. You may not even be eligible.

    If that is the case, look again at your life insurance options. You might be able to get better value from a guaranteed universal life product.

    Would you like to keep learning? Check my blog: planrisklive.com.
    Answered on October 8, 2015
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