Value My Life Policy

Life Settlements: Straightforward answers to questions about Life Settlements

What is a Life Settlement?
A Life Settlement is a life insurance policy that is sold by its original owner to a third party for more than its Cash Surrender Value but less than its Death Benefit Value.
Why should I consider a life settlement?
Your life insurance policy is most likely one of your most valuable assets. A life settlement is an alternative to losing out on the years of premiums paid when circumstances change, and the policy is no longer affordable, wanted or needed.
Do I have the right kind of policy?
All senior or impaired insureds’ policies with a minimum face value of $100,000 will be considered along with many policy types. Common policies are universal life (UL), indexed universal life (IUL), whole life (WL), variable (VUL), term and convertible term policies.
Are joint policies eligible?
Yes
How does it work?
The seller provides policy documents and medical background of the insured via the Medical Questionnaire and document upload facility. This information is reviewed and, if the policy qualifies, a fair valuation is given. If the valuation is accepted and a sale agreed, the seller receives a cash payment, and the purchaser then takes ownership of the policy, continues to pay the premiums and collects the death benefit when the insured passes away.
How is the value of my policy determined?
There are a number of factors that can have an influence on a policy’s value. the policy type, death benefit (face) value, cost of premiums to maintain the policy, any outstanding loans and the age and health of the insured are all taken into consideration.
What is the minimum face value of a policy that can be sold?
Policies with a minimum death benefit (face) value of as $100,000 are considered for review.
Can I retain part of the death benefit value?
It is possible to retain a portion of the death benefit and the new owner will generally pay all premiums but will only have rights in connection with the portion that is being sold.
How much does it cost me to find out if I can sell?
There are no charges incurred for requesting a policy valuation and you are under no obligation to accept any offers received.
Will I be required to have a medical examination?
No. Valuations will be based on a review of your medical records. There is no additional requirement for a medical check-up.
Can I change my mind?
Yes. You are under no obligation to sell your policy and can withdraw at any time. Once the policy is sold, and depending on your state of residence, there is a rescission period which allows you to change your mind and take back ownership of the policy and return the cash payment received. This time frame is generally 15 days from receipt of the funds however this does vary from state to state.
How long does it take to get my offer?
Once the completed Medical Questionnaire and an up-to-date policy illustration is received, a valuation can generally be provided within as little as 48 – 72 hours.
How long does the whole sale process take?
This depends very much on how quickly you can provide the necessary documentation. If all goes well, the whole process can take just a few weeks.
What will happen to my policy after I have sold it?
Once your policy has been sold, all the rights and ownerships of that policy pass to the purchaser. You will no longer be liable for any premium payments on that policy. The new owner will be responsible for the policy, make all future premium payments and be entitled to the death benefit.
Will I be taxed on the proceeds made on selling my policy?
Any payment that you receive in exchange for your policy as a life settlement may be taxable. It is strongly recommended that you seek advice from your financial advisor before proceeding with a life settlement.
Quickly find out if a policy is suitable for life settlements and, if so, obtain a fair cash offer

Simply answer the basic questions on the qualify form and you will be automatically taken to our medical questionnaire which covers the insured’s lifestyle and medical history. Completion of the easy to follow, user-friendly medical and lifestyle questionnaire typically takes around ten minutes and allows you to save and return if information isn’t readily available.

On completion of the questionnaire, you will be able to upload the policy documents (which must include a policy premium illustration) direct to us.

All submissions are confidential and made via our secure portal.

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Examples of actual policies sold to VMLP partners:

Insured: Female, aged 77

Policy Type: UL

Face Amount: $750,000

Surrender Value: $309

Sold for $25,500

Insured: Male, aged 79

Policy Type: UL

Face Amount: $1,100,000

Surrender Value: $165

Sold for $73,500

Insured: Female, aged 87

Policy Type: UL

Face Amount: $1,155,000

Surrender Value: $40,139

Sold for $597,600

Insured: Male, aged 76

Policy Type: UL

Face Amount: $1,000,000

Surrender Value: $404

Sold for $260,000