What Can I Do With My Life Insurance Policy?

Do you have a life insurance policy and no longer want it or can’t afford the premiums? You can do more than just stop paying the premiums or cashing it in with the insurance company.

Many people have sold their policies in a life settlement sale for cash. The process is not easy, but it can be in your best interests to explore it.

How does it work?

First, we will review your policy and appraise it to determine the market value. Next, we will find a buyer. Once we have a buyer and complete the sale, you will receive a cash settlement and the buyer will pay the future premiums and collect the benefit when you die.

Finding a buyer on your own can be very difficult, which is where we come in. We have contacts in the market and are able to find the best deal for you. You will receive a percentage of your policy’s value in cash. For a free consultation contact David Edelman at 610-521-0604.

What you should know before selling your policy

  • Your life insurance policy may not have much value on the market.
  • You won’t get the full face value. Generally, sellers receive about 7 percent to 20 percent of the value of their policy.
  • Brokers charge a commission.
  • Buyers don’t want every policy.
  • Your settlement could be subject to income tax.
  • Your eligibility for government assistance programs like Medicaid may be affected.

If you would like to discuss your options or are interested in finding out more, please call David W. Edelman at 610-521-0604 at Spadea & Associates, LLC in Ridley Park, Pennsylvania.

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