POlicy Owners

Thinking about selling your Whole Life insurance policy?

According to the Life Insurance Settlement Association (LISA), each year more than $100 billion dollars of life insurance payouts are allowed to lapse simply because policy owners don’t know they can sell their policy. Worse than that, many policy owners decide to surrender their policy for less than it’s worth.

Your life insurance policy is your personal property, it is an asset and you can convert it to cash with a life settlement.

WHY you may be looking to sell your Whole LIfe Policy:

No longer see it as a wise investment

Would like to purchase a different kind of life insurance

Can’t afford to keep paying the premiums

Need immediate cash for medical issues, college tuition, down payment, etc.

Whatever your reason is for looking to cash in, we want to be sure you have the best options available. Read more on what a “typical” life settlement entails and how Aspen Life can help you.

WHat is a Typical Life Settlement?

A typical life settlement involves the sale by the owner of an existing life insurance policy to a third-party investor for an amount that is typically greater than its cash surrender value, but less than the policy’s full benefit.

The seller receives an upfront cash payment and the buyer assumes responsibility for all ongoing premium payments. When the insured passes away, the investor collects the policy’s full benefit and the beneficiaries get nothing.

“Typical” Life Settlements:
Aspen Life Settlement:
Some settlement companies offer a Retained Death Benefit where the insured can retain a portion of the policy’s death benefit, however, it usually means receiving a lot less for the policy. It is the equivalent of only selling part of the policy, but having to give up control of making sure premiums get paid for all of the policy. Unfortunately, this leaves you at the mercy of the buyer and their ability and will to pay future premiums, making you vulnerable as to whether or not you end up getting any sort of payout on the portion that was retained and never sold.

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