Common Questions
Is selling a life insurance policy right for me?
While all seniors should at least take the time to familiarize themselves this opportunity, these transactions may not necessarily be the best choice in every situation. When considering selling a life insurance policy you should ask:
- Does my need for cash today outweigh the desire to pass a benefit on to my beneficiaries after I am gone?
- Do my beneficiaries agree that my needs are better served by selling my policy?
- Have I taken the time to properly evaluate this opportunity and have I sought advice from qualified professionals to help me make an informed decision?
If your answers are "Yes" to these questions, than you may be a good candidate for selling your life insurance policy. Remember, the decision to sell your policy is an important one, and you are urged to seek advice from your independent financial and legal advisors.
What types of life insurance policies can be sold?
Most of the standard types of life insurance qualify for the LifeBack program, including:
- Universal Life;
- Whole Life; and
- Survivorship Universal or Whole Life with one living insured.
Why would I consider selling my life insurance policy?
If you are 70 years of age or older and one or more of the following statements apply, you may want to explore the benefits of a life settlement:
- Your premiums have become unaffordable;
- The beneficiaries of the policy are financially independent;
- You have outlived the beneficiaries of the policy;
- There has been a change in your estate planning needs; or
- You need to increase your fixed retirement income.
What determines the amount of money you'll get for your insurance policy?
There are several key factors taken into consideration when an offer is made for your policy, including:
- The amount of the death benefit;
- Life expectancy of the insured; and
- Cost of remaining premiums.
LifeBack guarantees that if you sell your policy through the LifeBack Program, you will receive more money than you would have received if you surrendered it to the insurance company. If you would like to learn more about how much money you could receive by selling your life insurance policy through the LifeBack Program, please call a LifeBack representative today at 877-LIFE-830 (877-543-3830) or to request a call back just click here.
Please note that LifeBack is not your agent, broker or fiduciary in connection with the sale of your insurance policy. We urge you to seek independent advice from your own financial, insurance, legal, tax and other advisors.
If your life insurance policy qualifies, the amount that you will receive by selling your policy through the LifeBack Program will be more than the amount you will receive by surrending the policy to the insurance company, but LifeBack does not guarantee that your policy will qualify for purchase or that the sale price will equal or exceed the price that other purchasers outside of the LifeBack Program could or may pay.
Mr Bosley sold his life insurance policy prior to the creation of the LifeBack Program, and is currently a paid spokesperson for the LifeBack Program.