Thinking About Selling Your Life Insurance Policy?
Sell it to us...you'll get the cash and keep the death benefit!*
*(minus last available cash values)
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 most owners don’t know they can sell their policy.
Worse than that…many policy owners decide to surrender their policy for pennies on the dollar!
However, you should know not all life settlements are created equal (…more on that in a minute).
There are many reasons why you may want to sell your whole life insurance…maybe you
- No longer see it as a wise investment
- Want to purchase a different kind of life insurance
- Need immediate cash for a medical issue
- Want the money to spend elsewhere
- Can’t afford to keep paying the premiums
Whatever your reason for wanting to “cash in”…we want you to have the best options available. Here are the differences between a “typical” life settlement and how we 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 which is usually greater than its cash surrender value but less than the policy’s full death 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 death benefit.
The beneficiaries get absolutely nothing more.
There are companies that offer a Retained Death Benefit where the Insured retains a portion of the policy’s death benefit, but it usually means receiving a lot less for the policy. It is typically 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.
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.
What’s even worse is…to qualify, you generally must be 65 or older and/or in poor (terminal) health and have a policy with at least $1,000,000 of death benefit. Unless you fit this description, you probably aren’t even eligible.
Because this type of life settlement involves elderly or terminal clients, these transactions are highly scrutinized by regulators.
The process of qualifying can take months and involves all kinds of doctor reports and medical records before you even know what kind of offer you would get.
Even with all the hassle, these types of life settlements can still be well worth it for you. They often pay 300%-1000% more than the surrender value the insurance company is offering, but they’re normally only pursued when there is a high likelihood of success.
We can also help you pursue these types of transactions, but let’s look at a much better option for the large majority of you that no longer want or need your current policy….
How Is Aspen Life Settlements Different?
We’re not like most life settlement companies…we’ve found a way to provide you with the cash you want that still allows you and your family to retain needed life insurance coverage!
- We’re interested in most whole life insurance policies and some IUL policies (regardless of age or medical condition)
- We look to grow our money inside the cash values of your policy, so we have ZERO investment in your passing
- We typically pay you the same (or sometimes more) for your policy than if you just surrendered it to the insurance company
- You can get your money in as little as 1-2 weeks
- YOU and your beneficiaries get to keep the death benefit *(minus last available cash values)
You still want a death benefit and no longer want or need the cash value benefits. We want the cash value benefits and have no need for the death benefit. It’s a great fit for all parties involved!
There’s no catch..it’s really that simple.