Best Life Settlement Companies

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Best Life Settlement Companies

 Sell your life insurance policy with ease

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As you get older, your life insurance policy becomes more costly. It even can become unaffordable, so it’s easy to see why so many people give up their policies. A 2019 study from the Society of Actuaries and LIMRA found that 4% of life insurance policies—worth billions of dollars—lapse every single year.

 If you need money, there is an alternative you may not have considered: life settlements.

Whether you need cash for high medical bills, a divorce, or other living expenses, it may be possible to sell your life insurance policy to a life settlement provider. However, without federal regulation, it can be tough to know which companies to work with. To find the best life settlement providers, we compared 15 of the leading companies based on reputation, nationwide availability, customer service, sales process, and more. These are the four best life settlement companies the industry has to offer.

Our Featured Partner Offers, The 4 Best Life Settlement Companies of 2023

Best Overall: Coventry

We opened the market.

Since 1982, Coventry has been changing the way people think about life insurance. We created the secondary market for life insurance and pioneered life settlements, giving life insurance a fair market value. We coined the term “life settlement”, giving consumers a compelling alternative to surrendering their policies or letting them lapse. Our leadership has made secondary market transactions a mainstream financial planning option.

We create unprecedented options for clients. Every day.

In creating a secondary market for life insurance, Coventry has changed the face of financial services. Now life insurance carries a dynamic market value that can be independently appraised just like real estate. As a result, consumers are now realizing significantly more than cash surrender value for unneeded or underperforming policies.

As the recognized leader in the market, Coventry is the leading purchaser of life settlements in the nation. To date, we have delivered more than $5 Billion to consumers.

Our understanding of life insurance is second to none.

Coventry has been a leader in the sophisticated high net worth and corporate markets for more than 40 years. Our team has an extensive history of innovation within the life insurance industry. It includes individuals with an unparalleled understanding of life insurance, regulatory issues and product development. We are well-versed in the complexities, nuances and technicalities of life insurance, especially when policies with large face amounts are involved.

Coventry has completed more than $45 billion in longevity-linked transactions. Our understanding is deep. Our experience is unmatched.

Best for Fast Sales: Abacus Life Settlements

Life Insurance Is Your Personal Property

Life insurance policies are your property, not the insurance company’s. Therefore, it is your choice if you want to sell your policy. 

Abacus Life offers the option of life settlements. It is both a legitimate and reliable choice in order to create financial options for your future. Life insurance is often a senior’s largest asset, and one they can use to alleviate retirement challenges like medical expenses, living costs, and more. Knowing that you are well-equipped with a policy that best meets your needs is crucial. Why sacrifice a policy that you spent years paying into, when you can exchange your premium payments for a cash lump sum payment now? 

Get a free, instant estimate using our Life Settlement Calculator above or contact us at 800-561-4148. 

We would love to help you. 

Best for Client Education: Magna Life Settlements

Life Settlements by Magna

For seniors hoping to optimize their retirement resources, life settlements can be a true asset, transforming an unwanted life insurance policy into a potential windfall. But individuals looking to sell a policy need a life settlement provider that has experience; a guide through the process who is both knowledgeable about the settlement landscape and dedicated to providing sellers with details to make an informed decision. Since 2004, Magna Life Settlements has been helping retirees, advisors and other advocates understand and implement successful life settlements. We are licensed in every state where life settlements are regulated, and our experience and commitment have made us one of the largest companies in the growing life settlement market.

Calculating Life Settlements

Many seniors are unaware that a life settlement can potentially yield significantly more than the surrender value of a life insurance policy—and that money can be available to pay the bills that often contribute to the anxiety caused by trying to retire on a tight budget.

Try Magna Life Settlements Online

Life Settlement Calculator!

The first step for anyone who is ready to investigate the settlement option is to use Magna’s calculator to determine whether you might be eligible to sell your policy for cash. Our Life Settlement calculator requires just a few key pieces of information to determine whether you might be eligible for a life settlement. The life settlement process involves a few simple steps, and once the process begins the cash from the life insurance policy can be available in just a few weeks.

Cash Out Instead of Insurance Policy Lapse

Cash surrender value is essentially the value of the money the individual has put into the policy, but many policyholders think that the only way to get that value from their policy is to turn it over to the insurance company. In fact, for many individuals selling the policy to a third party (a life settlement transaction) can be much more profitable than the surrender value. This is a way to help seniors with mounting retirement expenses sell an asset and not leave money on the table.

What is a Life Settlement?

A life settlement is a transaction that occurs when an individual over 65 sells a life insurance policy to a settlement provider for cash, usually yielding considerably more than the surrender value of the policy. The amount of a life settlement payout is mainly related to two factors: The policyholder’s overall health and the cost of the original policy. The cash from the sale of a life insurance policy can be used to help fund long-term care, medical treatments, travel, or family activities. Even though the life settlement market has been in existence for nearly forty years, most life insurance policyholders still default to the best-known option—letting a policy lapse—when faced with a policy that has become unnecessary or too expensive to maintain.

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