Should I Try to Do a Life Settlement?

Should I Try to Do a Life Settlement?

Talking with your agent or financial advisor can help steer you in the right direction. 

If you could use some extra money and don’t feel like you need your life insurance policy anymore, go for it. It may be worth a shot; just know that qualifying for a life settlement isn’t as easy as you might think.

If you or your advisor don’t think you could qualify for a “traditional” life settlement, Aspen Life Settlements is here for you. You may be looking for some extra money… but you also want to keep the part of your life insurance policy that is most important to your beneficiaries–the death benefit. Can you really get the best of both worlds? And without needing to meet a stringent set of qualifying standards? At Aspen Life, the answer is yes!


How Can I Qualify for a Life Settlement?


Traditionally, the sad truth about qualifying for a life settlement is that most life settlement companies are only interested in purchasing policies from people with shorter life expectancies. The fact of the matter is, they make their payday when they receive the death benefits from those policies they buy. The longer they have to wait until then, the more money they have to invest in keeping the policy alive. This generally motivates them to disqualify most policies other than those owned by people in poor health or advanced age

All the same, if you feel like you could qualify for a traditional life settlement, the upfront payment you receive can be substantial. Just remember that by selling your policy, your death benefit no longer goes to your beneficiaries.


How is Aspen Life Settlements Different from Any Other Life Settlement Company?


We’re glad you asked! We have a full post about this question here, but we’ll give a short answer here, too.

While most life settlement companies make their money from the death benefits of the policies they buy, Aspen Life Settlements actually earns its money in an entirely different way. We invest our money in the cash value of the policies that we buy, which leaves the death benefit on the table–for you.

We pay you the same amount (and sometimes more) for your policy as you would get by surrendering it to your insurer, we take over paying the premiums, so you don’t have to, and you get to keep the coverage and peace of mind that having a death benefit provides for your beneficiaries.

Even if you feel that your beneficiaries don’t need a death benefit to be taken care of, your death benefit can be an enormous blessing to a favorite charity or organization of your choosing.


Which Kind of Life Settlement Should I Try to Get?


Which route should you go with your life settlement?

Well, if you’re looking for a more substantial sum of money, if you can qualify for one, and if your dependents aren’t in need of your death benefit, it may be worth a shot to try to qualify for a traditional settlement.

Otherwise, if you’re looking for some extra cash, if you can’t qualify for a traditional settlement, and/or if you want to provide a death benefit for your dependents, beneficiaries, and/or a charity, Aspen Life Settlements is the way to go. You won’t find this unique win-win-win situation anywhere else.

Reach out to us today to see how much your life insurance policy may be worth.

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