Turn Your Old Policy into Cash in Minutes
Evaluating Your Options
Before proceeding with a life settlement, it’s crucial to evaluate your options thoroughly. Factors such as your age, health status, and the type of policy you own can significantly affect the offer you receive. Generally, policies with higher face values and older insured individuals are more attractive to buyers1. You might want to browse options online or consult with a life settlement broker to get a clearer picture of your policy's market value.
Financial Implications and Considerations
While life settlements can provide immediate financial relief, there are several considerations to keep in mind. The proceeds from a life settlement may be subject to taxation, and selling your policy means that your beneficiaries will no longer receive the death benefit2. Additionally, the transaction can affect your eligibility for government benefits like Medicaid, so it’s advisable to consult with a financial advisor before making a decision.