Selling your life insurance policy as a senior can help you cover retirement, pay off debt, cover medical costs or anything else you need money for. A one-time lump sum of cash grants you are funding for anything you may need, and it can bring a greater sense of security that you might otherwise lack on social security benefits. In some cases, the right policy can even give you enough money to supplement your income and stop working in your mid-60s or 70s. This strategy can help ensure that you do not have to fake it ‘til you make it, instead that you set up and follow an intentional path towards getting to where you ultimately want to be.
You may also find that you no longer need life insurance like you used to, so your policy is just draining valuable money from your bank account. Rather than continuing to pay for coverage you no longer require, selling your policy can let you enjoy the financial reward of your dedicated investment. Below are five of the best life settlement companies for seniors, which will help you make the right choice for the greatest profit. For even more choices, you can review an in-depth guide on the top life settlement companies and their rates so you can choose who to work with and make your decision easier.
Coventry
Coventry helps their customers get the greatest value for their policies. They believe that settlements are a great way for consumers to build wealth rather than just provide a death benefit. From expanding your cash flow to covering the costs of home modification or medical care, you can settle your policy with Coventry to get access to the funds you need. In order to qualify for a Coventry life settlement, you must have a policy with a cash value of at least $100,000, have experienced a change in health since your coverage was first issued and have a minimum life expectancy of 20 years. This makes the company an ideal choice for a person in their late 50s to early 60s whose been diagnosed with a medical condition and want to use their policy to cover the costs of their treatments or therapies.
Magna Life Settlements
Magna offers both life and viatical settlements as well as a free calculator to help you get an idea of how much your policy could be worth. The payouts are typically greater than your cash value but not larger than your death benefit. This can leave a lot of flexibility for someone who has been paying for coverage for 10, 15 or even 20 to 30 years. This cash can be used to fund anything you desire, including just a better quality of life in retirement.
Abacus Life Settlements
Abacus offers customers the chance to sell their policies directly through brokers. They are licensed to buy in all U.S. states excluding Nebraska, North Dakota, Washington, Wisconsin, and Vermont. Since their founding in 2004, the company has issued seniors throughout American more than $3 billion in collective payouts.
Q Capital
You can rely on Q Capital to offer everything from settlement options to portfolio building strategies. You can learn about the entire process through their website, which is filled with plenty of helpful, easy to understand content. Even if you ultimately choose a different company, Q Capital's Learning Center is a fantastic online resource filled with information about the selling process.
Harbor Life Settlements
You can sell your life insurance policy to Harbor for up to 40 percent of its value. They offer a fast payout that only takes a few weeks, giving you money when you need it most. The company prides itself on working with seniors who want to use their policies' cash values to fund retirement, pay for medical expenses or simply achieve greater peace of mind in their golden years. Their site even features real-life customers and the payouts they received, which can help you get an idea of how much you may be able to sell your own policy for.
