a life insurance policy means you will receive cash for giving
up your monthly premiums and the death benefit to the buyer of
your insurance policy. Usually, buyers are financial
institutions or investors.
on the market value of your policy, it may make more sense to
get the cash now rather than wait for the death benefits to your
beneficiaries. This means, you are letting go of any
possible increase in value of your policy in the future.
You only get the value of the policy today. Also, you may
no longer need the policy, the premiums are too costly, or you
need cash now.
sale price is determined by the fair market value of the
policy. Here is an article on fair market value: https://www.calbrokermag.com/Magazine/story/april/LifeSettlements-Mountain.htm.
who will buy your policy:
company states that they will give you 15 days to reverse the
sale. This means, you return all their money back and you
are given back your insurance policy (subject to
change). "Safe Harbor
Funds, LLC brokers to institutional funding sources for policy purchase. The funders we work with are all licensed
in your state of residence and are backed by multi-billion
dollar banks. The money for your life
insurance settlement is in a bank trust and paid to you within three (3)
business days after the change of ownership is
received from your life insurance company. You receive an
absolute right of rescission for a *minimum
period of 15 days from the date your receive the funds for your
insurance settlement - return the money and your life insurance
policy is returned to you - no questions asked."
out a company with the Better Business Bureau before you do
business with them: https://search.bbb.org/search.html.
Health by Category