What is a Life Settlement?
A life settlement is the term given to the sale of a life insurance policy to a third party - usually a financial institution. The life insurance policyholder is paid a cash lump sum in exchange for transferring ownership of the policy to a third party, who pays all remaining premiums and receives the life insurance benefit when the policy matures.
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.