How To Use Our Life Settlement Calculator
Using our life settlement calculator is easy. Just fill out the information above and click the “See your policy value” button at the bottom of the page. After clicking the button, you’ll be taken to a separate page that shows an estimate of how much your policy is worth and other helpful information. At the bottom of the page, we have a Settlement Comparison Calculator, which allows you to see how much you could get by selling, surrendering, or keeping the policy. You may be surprised to find that you can actually make more money by selling the policy and investing the proceeds than you would by holding onto it for the death benefit.
For additional help finding out how much your policy is worth, you can contact our team of experts. We’ll provide a free assessment, and can answer all your questions about life settlements. If you’re interested in selling, we can also help you start the process. Contact us to learn more.
Interested In Selling Your Life Insurance?
Contact Us to Learn More and Start the Process
How Much Is Your Life Insurance Policy Worth?
You’ve heard about the possibility of selling a life insurance policy you don’t need or can’t afford, and you’re thinking you could use the cash to pay medical or long-term care bills, or to invest in a more comfortable retirement. This transaction is known as a life settlement, or sometimes referred to as a life insurance buyout. But before you take the step of contacting a life settlement company, you’d like to get some idea of how much your life insurance policy is worth – and whether you’re even eligible to sell it. You may have seen online life settlement calculators that can quickly provide an estimate of your life insurance payout, but you should be aware of the limitations many of these have.
For an accurate estimate, fill out the form above or contact us. You can also read on to learn more about the factors that influence life settlement valuation and see if you’re eligible to sell your life insurance.
What is a Life Settlement Calculator?
An online life settlement calculator can provide a quick general assessment of your eligibility to sell your life insurance policy and the potential value of a life settlement. Typically, these calculators ask you to answer 3-4 basic questions such as your gender, age, policy type, and policy payout — then ask for contact information before providing an estimate of how much your life insurance policy is worth.
Limitations of Life Settlement Calculators
In most cases, quick online life settlement calculators cannot replace the in-depth medical underwriting process required to accurately estimate the value of that policy. Any worthwhile life settlement calculator should ask for the following information:
- Policyholder Age
- Policyholder Gender
- Health Status
- Policy Type
- Insurance Carrier
- Issue Class
- Age at Issue (if applicable)
- Face Amount
- Product Name
If you see a calculator that doesn’t ask for all of the information above, it cannot give you an accurate estimate of how much your life insurance policy is worth.
Furthermore, many life settlement calculators are designed to give unrealistically high estimates so policyholders will be more interested in working with them. An easy way to identify these instances is when you’re given a broad range for your life insurance payout, such as between $10,000 and $150,000. The company’s goal is to entice you with a high potential offer in order to get you on the phone, but the real offer may be significantly less.
To get an accurate estimate of your potential life insurance payout, the best way to proceed is by contacting a life settlement company that can verify your eligibility and review all of the factors affecting your policy’s value. If you’d like an idea of the value before contacting anyone, the information below will give you a much better idea than any online life settlement calculator.
What are the Eligibility Requirements
For a Life or Viatical Settlement?
Before you can determine how much your life insurance policy is worth, you need to determine whether you’re eligible to sell it at all. An online life settlement calculator will ask a few basic questions to determine if you qualify for a life or viatical settlement. In general, here are the eligibility requirements that help life settlement companies determine if they can (or will) buy out your life insurance policy:
In most cases, you must be 70 years old to qualify for a life settlement. Viatical settlements may be an option for younger policyholders if they have a chronic or terminal illness.
Each state has their own regulations on waiting periods (2-5 years) that determines how long you must own a life insurance policy before you can sell it through a life settlement.
The policy value of your life insurance will determine your eligibility. Most life settlement companies will not buy out a life insurance policy unless it has a face value of $50,000 or more.
There are only a few types of life insurance policies that can be sold through a life settlement. The life insurance policies are whole, universal, variable, and convertible term policies.
Life settlement calculators will ask you a series of basic questions (or ask you to fill out a form) in order to get an idea if you qualify, but to confirm eligibility you’ll need to submit medical records or a list of health care providers to the company you’re working with.
Additionally, while eligibility related questions gather basic information for a broad estimate of the potential value of a life settlement you’d get — sell your life insurance policy calculators may also ask other questions to give you a more accurate valuation. If you use a quick life settlement calculator with only a handful of questions, it’s likely not accounting for several factors which means the estimate you’re getting is probably inaccurate.
What Are All of the Factors for Calculating a Life Settlement Value?
Some life settlement calculators will give you an estimate solely based on the information collected from eligibility related questions. However, the value of a life settlement is tied to several other factors as well. To help you determine what your life insurance is worth, you should be aware of all the factors that affect life settlement valuation. Here is the comprehensive list of factors used in the life settlement valuation process.
How Much Is Your Life Insurance Policy Worth?
As detailed in the sections above, there’s a lot of factors that affect whether your life insurance policy can be sold and how much it’s worth. Harbor Life Settlements doesn’t use a quick life settlement calculator that spits out an instant quote because these calculators tend to be inaccurate and misleading due to insufficient information.
Instead, we start with a simple online form and take a hands-on approach for personalized service and a more accurate estimate. Our experts will carefully review information from the form to determine your eligibility and then begin the underwriting process to calculate an accurate valuation of how much your policy is worth. You’ll receive a message from us letting you know we’re evaluating your policy, at which point you can also ask any questions you have about the life settlement process.
Get Your Free Life Settlement Valuation
While our life settlement calculator provides an estimate up to 89.2% accurate, the most reliable estimate will come from a free thorough assessment from our team of experts. We’ll start by determining your eligibility, then calculate the value of selling your policy through a life settlement. The quote we provide is absolutely free, and you are under no obligation to sell your policy because you receive this information.
If you decide to move forward with the transaction, Harbor Life will handle all of the legal paperwork and help you maximize the value of your policy by seeking bids from our network of buyers. By getting multiple offers, the sale price goes up and you get more value for your policy. If you’re interested in calculating the true value of selling your life insurance policy, fill out the form below or contact us to learn more.