How Much Is My Life Insurance Policy Worth?

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Name*

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I agree to the terms & conditions and privacy policy.*

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Embed URL

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lander

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referrer

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SalesRep

Internal Policy Analysis

Extended Valuation

What is the face value of your policy?*

How do you pay your premiums?*

One-time payment sometime in the past

Monthly

Quarterly

Annually

I don’t know

What was your premium?*

What are your premiums? (Monthly)*

What are your premiums? (Quarterly)*

What are your premiums? (Annually)*

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Annual Premiums*

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Percentage if user doesn't know their premiums

What type of policy do you have?*

Who is the life insurance carrier?*

Does your policy have any cash surrender value?*

Yes

What is your policy's cash surrender value?*

Does your policy currently have a loan against it?*

Yes

What is the loan amount?*

Do we have a 3rd party LE to calculate with?*

Yes

What is the 3rd party LE?

What is the gender of the insured?*

Male

Female

Do you know the insured's birthdate?*

Yes

What is the insured's birthdate?*

MM slash DD slash YYYY

What is the age of the insured?*

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Calculated Age

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Normal Health Fudge Factor

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Life Expectancy

Would you like to skip weight and height questions? You can make this valuation more accurate by including those answers.*

Yes

Weight (pounds)

Height (inches)

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BMI

Have you used tobacco in the last 12 months?*

Yes

How is your health compared to your peers?

Do you have any of these significant health conditions?

Cancer

Stroke

Cognitive Disorders

Chronic Kidney Disease

Heart Disease

Autoimmune Disease

Vascular Disease

Pulmonary Disease

Neuromuscular Disease

Diabetes

None Of The Above

Which type of diabetes do you have?

Type 1

Type 2

Was your latest A1c over 8.5?

Yes

Are you insulin dependent?

Yes

Do you have neuropathy?

Yes

Do you have permanent complications due to the stroke?*

Yes

Do you have permanent heart damage?*

Yes

Cancer Type*

Bile Duct/Gallbladder

Brain

Breast

Female Reproductive

Colon/Rectal

Esophageal

Head/Neck

Leukemia/Lymphoma

Liver

Lung

Melanoma/Merkel Cell

Multiple Myeloma

Pancreatic

Prostate

Renal

Sarcoma

Stomach/Gastrointestinal

Thyroid

Other Cancer

What stage of Bile Duct/Gallbladder cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Brain Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Breast Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Female Reproductive Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Esophageal Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Colon/Rectal Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Leukemia/Lymphoma Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Head/Neck Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Liver Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Lung Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Melanoma/Merkel Cell Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Multiple Myeloma Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Pancreatic Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Prostate Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Renal Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Sarcoma Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Stomach/Gastrointestinal Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Thyroid Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

Are you still fighting Bile Duct/Gallbladder cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Brain cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Breast cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Female Reproductive cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Colon/Rectal cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Esophageal cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Head/Neck cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Leukemia/Lymphoma cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Liver cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Lung cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Melanoma/Merkel Cell cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Multiple Myeloma cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Pancreatic cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Prostate cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Renal cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Sarcoma cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Stomach/Gastrointestinal cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Thyroid cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

What Cognitive Disorders?*

Alzheimer's

Dementia

Epilepsy

Parkinson's Disease

Stroke-related cognitive dysfunction

Huntington’s Disease

Lewey Body Disease

Chronic Kidney Disease*

Stage 1

Stage 2

Stage 3

Stage 4

Stage 5

Autoimmune Disease*

Addison Disease

Graves Disease

Rheumatoid Arthritis

Lupus

Giant Cell Myocarditis

Encephalitis

Vasculitis

Chron’s Disease

Hemophilia

Arteriosclerosis

Lymphoproliferative Syndrome

Pancreatitis

Behcet’s Disease

Pulmonary Diseases*

COPD

Cystic Fibrosis

Interstitial Lung Disease

Pulmonary Fibrosis

Sarcoidosis

Neuromuscular Diseases*

ALS

Lambert-Eaton Syndrome

Mitochondrial Myopathy

Motor Neuron Disease

Muscular Dystrophy

Myasthenia Gravis

Peripheral Neuropathy

Polymyositis

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unknown cancer stage

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unknown cancer

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Health Scenario

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Final Max HS

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Max HS

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Health Scenario 1

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Health Scenario 2

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Health Scenario 3

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Health Scenario 4

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Health Scenario 5

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Health Scenario 6

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Max Cancer HS

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Start Thyroid HS

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End Thyroid HS

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Start Stomach/Gastrointestinal HS

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End Stomach/Gastrointestinal HS

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Start Sarcoma HS

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End Sarcoma HS

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Start Renal HS

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End Renal HS

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Start Prostate HS

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End Prostate HS

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Start Pancreatic HS

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End Pancreatic HS

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Start Multiple Myeloma HS

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End Multiple Myeloma HS

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Start Melanoma/Merkel Cell HS

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End Melanoma/Merkel Cell HS

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Start Lung HS

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End Lung HS

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Start Liver HS

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End Liver HS

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Start Leukemia/Lymphoma HS

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End Leukemia/Lymphoma HS

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Start Esophageal HS

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End Esophageal HS

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Start Colon/Rectal HS

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End Colon/Rectal HS

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Start Female Reproductive HS

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End Female Reproductive HS

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Start Brain HS

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End Brain HS

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Start Bile Duct/Gallbladder HS

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End Bile Duct/Gallbladder HS

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Start Breast HS

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End Breast HS

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Start Head/Neck HS

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End Head/Neck HS

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Fudge Factor

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SBALE

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NPV

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NPV

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NPV Year 1

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NPV Year 2

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NPV Year 3

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NPV Year 4

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NPV Year 5

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NPV Year 6

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NPV Year 7

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NPV Year 8

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NPV Year 9

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NPV Year 10

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NPV Year 11

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NPV Year 12

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NPV Year 13

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NPV Year 14

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NPV Year 15

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Direct Buyer's Bid

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SBA NPV Low End

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SBA NPV High End

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Formatted Direct Buyer's Bid

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Formatted SBA Low

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Formatted SBA High

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Formatted NPV

Are you the insured, owner, or financial representative of the owner?

Insured

Owner

Financial representative of the Owner

How Much Is My Life Insurance Policy Worth?

Harbor Life Helps Seniors Get the Most out OF Their Financial Assets

Free Policy Estimate

"*" indicates required fields

Step 1 of 18

This field is hidden when viewing the form

Progress

Name*

Phone*

Email*

Consent*

I agree to the terms & conditions and privacy policy.*

This field is hidden when viewing the form

Embed URL

This field is hidden when viewing the form

lander

This field is hidden when viewing the form

referrer

This field is hidden when viewing the form

SalesRep

Internal Policy Analysis

Extended Valuation

What is the face value of your policy?*

How do you pay your premiums?*

One-time payment sometime in the past

Monthly

Quarterly

Annually

I don’t know

What was your premium?*

What are your premiums? (Monthly)*

What are your premiums? (Quarterly)*

What are your premiums? (Annually)*

This field is hidden when viewing the form

Annual Premiums*

This field is hidden when viewing the form

Percentage if user doesn't know their premiums

What type of policy do you have?*

Who is the life insurance carrier?*

Does your policy have any cash surrender value?*

Yes

What is your policy's cash surrender value?*

Does your policy currently have a loan against it?*

Yes

What is the loan amount?*

Do we have a 3rd party LE to calculate with?*

Yes

What is the 3rd party LE?

What is the gender of the insured?*

Male

Female

Do you know the insured's birthdate?*

Yes

What is the insured's birthdate?*

MM slash DD slash YYYY

What is the age of the insured?*

This field is hidden when viewing the form

Calculated Age

This field is hidden when viewing the form

Normal Health Fudge Factor

This field is hidden when viewing the form

Life Expectancy

Would you like to skip weight and height questions? You can make this valuation more accurate by including those answers.*

Yes

Weight (pounds)

Height (inches)

This field is hidden when viewing the form

BMI

Have you used tobacco in the last 12 months?*

Yes

How is your health compared to your peers?

Do you have any of these significant health conditions?

Cancer

Stroke

Cognitive Disorders

Chronic Kidney Disease

Heart Disease

Autoimmune Disease

Vascular Disease

Pulmonary Disease

Neuromuscular Disease

Diabetes

None Of The Above

Which type of diabetes do you have?

Type 1

Type 2

Was your latest A1c over 8.5?

Yes

Are you insulin dependent?

Yes

Do you have neuropathy?

Yes

Do you have permanent complications due to the stroke?*

Yes

Do you have permanent heart damage?*

Yes

Cancer Type*

Bile Duct/Gallbladder

Brain

Breast

Female Reproductive

Colon/Rectal

Esophageal

Head/Neck

Leukemia/Lymphoma

Liver

Lung

Melanoma/Merkel Cell

Multiple Myeloma

Pancreatic

Prostate

Renal

Sarcoma

Stomach/Gastrointestinal

Thyroid

Other Cancer

What stage of Bile Duct/Gallbladder cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Brain Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Breast Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Female Reproductive Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Esophageal Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Colon/Rectal Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Leukemia/Lymphoma Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Head/Neck Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Liver Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Lung Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Melanoma/Merkel Cell Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Multiple Myeloma Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Pancreatic Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Prostate Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Renal Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Sarcoma Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Stomach/Gastrointestinal Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

What stage of Thyroid Cancer?*

Stage 1

Stage 2

Stage 3

Stage 4

I don’t know

Are you still fighting Bile Duct/Gallbladder cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Brain cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Breast cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Female Reproductive cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Colon/Rectal cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Esophageal cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Head/Neck cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Leukemia/Lymphoma cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Liver cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Lung cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Melanoma/Merkel Cell cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Multiple Myeloma cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Pancreatic cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Prostate cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Renal cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Sarcoma cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Stomach/Gastrointestinal cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

Are you still fighting Thyroid cancer?*

Yes

No, it has been in remission for less than 5 years

No, it has been in remission for more than 5 years

What Cognitive Disorders?*

Alzheimer's

Dementia

Epilepsy

Parkinson's Disease

Stroke-related cognitive dysfunction

Huntington’s Disease

Lewey Body Disease

Chronic Kidney Disease*

Stage 1

Stage 2

Stage 3

Stage 4

Stage 5

Autoimmune Disease*

Addison Disease

Graves Disease

Rheumatoid Arthritis

Lupus

Giant Cell Myocarditis

Encephalitis

Vasculitis

Chron’s Disease

Hemophilia

Arteriosclerosis

Lymphoproliferative Syndrome

Pancreatitis

Behcet’s Disease

Pulmonary Diseases*

COPD

Cystic Fibrosis

Interstitial Lung Disease

Pulmonary Fibrosis

Sarcoidosis

Neuromuscular Diseases*

ALS

Lambert-Eaton Syndrome

Mitochondrial Myopathy

Motor Neuron Disease

Muscular Dystrophy

Myasthenia Gravis

Peripheral Neuropathy

Polymyositis

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unknown cancer stage

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unknown cancer

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Health Scenario

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Final Max HS

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Max HS

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Health Scenario 1

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Health Scenario 2

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Health Scenario 3

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Health Scenario 4

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Health Scenario 5

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Health Scenario 6

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Max Cancer HS

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Start Thyroid HS

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End Thyroid HS

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Start Stomach/Gastrointestinal HS

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End Stomach/Gastrointestinal HS

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Start Sarcoma HS

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End Sarcoma HS

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Start Renal HS

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End Renal HS

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Start Prostate HS

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End Prostate HS

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Start Pancreatic HS

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End Pancreatic HS

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Start Multiple Myeloma HS

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End Multiple Myeloma HS

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Start Melanoma/Merkel Cell HS

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End Melanoma/Merkel Cell HS

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Start Lung HS

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End Lung HS

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Start Liver HS

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End Liver HS

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Start Leukemia/Lymphoma HS

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End Leukemia/Lymphoma HS

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Start Esophageal HS

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End Esophageal HS

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Start Colon/Rectal HS

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End Colon/Rectal HS

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Start Female Reproductive HS

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End Female Reproductive HS

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Start Brain HS

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End Brain HS

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Start Bile Duct/Gallbladder HS

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End Bile Duct/Gallbladder HS

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Start Breast HS

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End Breast HS

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Start Head/Neck HS

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End Head/Neck HS

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Fudge Factor

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SBALE

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NPV

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NPV

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NPV Year 1

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NPV Year 2

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NPV Year 3

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NPV Year 4

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NPV Year 5

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NPV Year 6

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NPV Year 7

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NPV Year 8

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NPV Year 9

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NPV Year 10

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NPV Year 11

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NPV Year 12

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NPV Year 13

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NPV Year 14

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NPV Year 15

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Direct Buyer's Bid

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SBA NPV Low End

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SBA NPV High End

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Formatted Direct Buyer's Bid

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Formatted SBA Low

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Formatted SBA High

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Formatted NPV

Are you the insured, owner, or financial representative of the owner?

Insured

Owner

Financial representative of the Owner

Home » Life Settlements

Last Updated: April 4, 2025

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Settlements
Life Settlement Calculator

1-800-694-0006

Mon-Fri: 8AM-5PM CT

The Complete Guide to Life Settlements

What Is A Life Settlement?

A life settlement is the sale of a life insurance policy to a third party person or company for a one-time cash payment. The buyer becomes the new owner of the life insurance policy, pays premiums to maintain it, and collects the death benefit when the original policyholder dies. In exchange, the person selling their life insurance policy gets a cash payment that’s more than the cash surrender value, but less than the death benefit of the policy. In fact, LISA’s 2023 Annual Market Data Collection Survey found that selling a life insurance policy resulted in a payout that was 622% higher on average than the cash surrender value for a policy.

How Life Settlements Work

When a person with life insurance decides they no longer want or need their insurance policy, they can choose to sell it to a third party through a life settlement.

The life settlement process starts with a policyholder presenting their policy to a life settlement company to determine their eligibility. During this time, the third party will review medical records and policy information to see if the person qualifies for a life settlement. If the person is eligible for a life settlement, they may be presented with an estimate of their policy’s value. The individual can then choose to proceed with that partner to sell their policy, or seek offers from others to try to get a higher value. Once the policyholder gets an offer they deem satisfactory, the third party will provide closing documents for the policyholder to sign that finalizes the agreement. Afer closing documents are signed, the insurance carrier is notified of the change in ownership for the policy, and an escrow agent releases a lump-sum cash payment to the person who sold the policy. The former policyholder can use the money for anything they want, and the third party buyer assumes responsibility for paying premiums, then collects the death benefit when the original policyholder passes away.

In total, the life settlement process consists of five steps and the time it takes varies from case to case. Typically, you can expect the process to take anywhere from 2-4 months. Here’s a more detailed of how life settlements work and what goes on in each step:

1. Application

To begin the life settlement process, the policyholder fills out applications to one or more life settlement companies. Applications require the policyholder to submit life insurance information and medical records, or authorize the company to obtain that information on your behalf.

2. Documentation

Once the life settlement company has the necessary documentation, they’ll begin the underwriting process. During this stage, the company will check that all submitted information is accurate, and they’ll determine if you meet the requirements to qualify for a life settlement. Typically, you need to be at least 70 years old and have a policy with a death benefit of at least $100,000 to qualify.

3. Offer

After analyzing the value of your life insurance policy and determining it to be a good investment, a life settlement company will make an offer. You can choose to accept the offer and finalize the deal, or decline the offer and negotiate the sale value.

4. Negotiation

If you decline the offer, you may be able to negotiate with the life settlement company to see if they’ll raise the amount they’re willing to give you. These negotiations can go back and forth until you eventually agree on a value or decide to work with another life settlement company.

5. Exchange

When you accept an offer, the buyer will send you a closing package with documents to sign. Upon completion, the life insurance carrier receives written notice that the buyer is now the owner and beneficiary of the policy. At this point, you’ll also receive a one-time cash payment for the agreed upon sale value.

What Makes Harbor Life Settlements Different From Other Companies?

If you’re exploring the possibility of selling your life insurance policy, consider the advantages of choosing Harbor Life as your life settlement company.

Harbor Life will provide you with a free estimate of your policy’s value.
Harbor Life offers up to 60% of your policy value in cash, with no hidden fees and payouts, within weeks of approval.
Harbor life will buy your policy in as little as 10 days, while other life settlement companies can take as long as six to nine months.

GET MY FREE ESTIMATE

Life Settlement Definitions to Know

Life settlements can contain some confusing insurance terminology, so to help you make sense of it all, here are some key terms to know.

Face value

The face value is the stated dollar value the life insurance carrier will pay beneficiaries upon the death of the insured policyholder.

Death benefit

The death benefit is the actual amount the life insurance carrier pays to beneficiaries upon the death of the policyholder. It can sometimes differ from the face value based on riders and loans or withdrawals from the policy.

Cash surrender value

The cash surrender value is the amount the insurance company pays a policy owner who voluntarily cancels or surrenders the policy. The cash surrender value is usually determined by subtracting a fee for the insurance company’s administrative costs from the policy’s current cash value, a figure that equals the policyholder’s accumulated premium payments plus any investment growth.

Viatical settlement

A viatical settlement is a type of financial arrangement available exclusively to life insurance policyholders with a chronic or terminal illness. It allows the policy owner to exchange an asset that is no longer useful for needed cash. The seller of the policy receives a cash amount that is less than the policy’s face value, while the buyer will receive the full death benefit when the insured person dies.

Life Settlement Provider

In a life settlement, a provider is a third-party investor or organization that purchases a life insurance policy.

Life Settlement Companies

Life settlement companies coordinate with brokers and providers to facilitate the life settlement process.

Common Reasons for Pursuing a Life Settlement

Maybe you’re a retiree who’s feeling overwhelmed by ongoing healthcare costs or a sudden financial emergency, or perhaps you’d just like some additional funds for retirement living expenses. Financial needs change over time, and this includes your life insurance policy. You may find that the policy you relied on as a security blanket earlier in life is no longer needed, or maybe it’s become too expensive to maintain in retirement. This is more common than you’d think, as studies indicate that up to 80% of life insurance policies are lapsed and never pay out a death benefit.

Here are the most common reasons people want a life settlement:

The policy is too expensive

If your insurance premiums are too expensive and you can no longer afford to maintain your policy, a life settlement allows you to recoup value as opposed to lapsing and getting nothing or surrendering and receiving a small amount. In addition to the payout you'll get, you'll also save money by not having to pay premiums in the future.

You no longer need life insurance

Life insurance is most commonly used as a means to provide financial security for dependents such as a spouse or children in the unexpected occurrence of your death. However, life insurance may not be needed after children become adults and are independent.

You need funds for an unexpected expense

If you encounter an unexpected expense and urgently need money, a life insurance settlement enables you to cash out your policy early to provide financial relief. Even if you don’t have an urgent expense right now, you can sell your policy and set up an emergency savings account just in case one ever occurs in the future.

You want additional money to fund retirement

The economy is constantly changing and during retirement, many people find that they’ll need more money than they originally saved for. Rather than go back to work, lean on family members for support, or reduce your quality of living — a life settlement enables you to pay for living expenses and make the most of retirement.

Your term policy will expire soon

If you have a term policy that is expiring soon, you’ll need to decide whether you want to maintain coverage at a higher cost, get a new policy, or if you no longer want any coverage. If you choose the latter, you may be able to sell your term life insurance policy through a life settlement to recoup some of your money.

Advantages of Life Settlements

Large Cash Payment

The main draw of the life settlement option is the fact that you get a large cash payment which can be used however you’d like.

The money you gain from selling your life insurance policy can provide you with more funds for retirement or long-term care, more options when choosing doctors and healthcare facilities, and more opportunities to invest in assets that perform better at generating income. The money you receive for your life settlement can be used for anything you choose and provides many people with peace of mind.

No More Insurance Premiums

In addition to the cash payment you get from a life settlement, you also save money by no longer having to pay insurance premiums. As you get older, premiums may become unaffordable to the point where you can no longer maintain coverage.

If you are considering lapsing or canceling your policy, a life settlement enables you to recoup money from it as opposed to getting nothing with those options. It also provides a significantly higher cash payout than you would get by surrendering it.

Disadvantages of Life Settlements

No Death Benefit for Beneficiaries

With most types of life settlements, perhaps the biggest drawback is that your life insurance policy’s beneficiaries won’t receive any money from policy after your death. This should be a consideration if you have dependents who may be in a tough spot financially without a death benefit, though you could choose to give them money from your settlement after you pass away.

Taxes

Proceeds from life settlements are taxed, meaning you’ll have to pay income tax on any value you get that exceeds the money you’ve paid toward premiums. This may reduce the value you get from your policy, but it’s only applicable if your sale value is greater than the amount you’ve paid toward premiums over the life of the policy. However, it should be noted that the money you get from a life settlement may put you over Medicaid’s asset limit, making you ineligible for the program. Creditors may also claim life settlement proceeds if you have any delinquent debt.

Who Qualifies for a Life Settlement?

To verify your eligibility for a life settlement, the best approach is to contact a life settlement company like Harbor Life Settlements. However, to get a base idea of whether you qualify you should check these factors:

1. Policyholder Age: In general, you must be at least 70 years old to qualify for a life settlement. Younger policyholders with a chronic or terminal illness may be eligible for a viatical settlement.

2. Policy Value: The face value of your life insurance policy must be at least $100,000 or more to qualify for a life settlement.

3. Policy Type: Not all types of life insurance policies are eligible for a life settlement. To qualify, you must hold a whole, universal, variable, or convertible term policy. Some life settlement companies or providers will also purchase non-convertible term policies, but this varies from case to case.

4. Policy Age: You must own a life insurance policy for anywhere from 2-5 years before selling it. The amount of time you need to wait depends on the state you live in, as each state has its own waiting period.

History of Life Settlements

Three historical events played pivotal roles in the creation and growth of the life settlements industry:

1. Grigsby v. Russel This 1911 U.S. Supreme Court decision established the legal precedent for life settlements by ruling that life insurance policies are like any other type of personal property in which the owner has the right to sell it should they choose to do so. The court’s decision set the legal foundation for the later development of the life settlements industry.

2. Birth of Viatical Settlements It was the U.S. AIDS epidemic in the 1980s that really provided the push for the life settlements industry to emerge through the creation of viatical settlements. Terminally ill people diagnosed with AIDS sold their life insurance policies to pay for their treatment. As viatical settlements gained popularity, so did awareness regarding the life settlement option.

3. Health Insurance Portability and Accountability Act (HIPAA) Congress passed the Health Insurance Portability and Accountability Act in 1996 and then-President Bill Clinton signed it into law. HIPAA gave insurance policyholders and beneficiaries the right to transfer ownership and/or beneficial interest to a third party which made the legal standing of life settlements even stronger than before.

What Do Life Settlement Companies Do?

Pursuing a life settlement requires a lot of work and expert knowledge of the industry which is why most people choose to work with a third-party expert rather than doing it themselves. When doing so, you can choose to work with a life settlement company like Harbor Life.

Life settlement companies help streamline the process for you, making it as simple and fast as possible. They help collect policy documents, health records, and anything else that might be needed for a policy valuation and settlement. Ultimately, they want to deliver a fast, fair offer to purchase the policy.

Life Settlement FAQs

What's the Difference Between a Life and Viatical Settlement?

Life and viatical settlements are basically the same transaction, but with a few differences. Unlike life settlements, a viatical settlement is only available for someone with a chronic or terminal illness, but there are no minimum age requirements. Viatical settlements also sell for more than a life settlement because of the shorter life expectancy, and most are not subject to federal income tax.

Are There Laws on Life Settlements?

In 2024, there are 43 U.S. states, along with the territory of Puerto Rico, that have regulations for life settlements. State departments of insurance are typically in charge of enforcing those rules. In each state where regulations exist, there is a waiting period of two to five years before it can be sold (some exceptions apply). The laws also require transparency throughout the life settlement process so the policyowner understands the potential benefits, risks, fees, and alternatives to life settlements.

Who Buys Life Insurance Settlements?

Life settlement providers purchase the policies to add to their investment portfolio, or on behalf of institutional investors.

Policyholders may sell their policy to a provider directly, although it is far more common to work with a life settlement company that engages with several providers to get you a fast, fair offer.

Is a Life Insurance Settlement Taxable?

Yes, life settlements are taxable in the United States. If you sell your life insurance policy in a life settlement, you will owe taxes on the difference between the payment you received from the buyer and the total amount you’ve paid in insurance premiums during the entire life of the policy. Any additional value to the policy that is not accounted for by your monthly premiums will also be taxed. The money you receive for a life settlement will be taxed as ordinary income, not as capital gains.

Get a Free Life Settlement Evaluation with Harbor Life Settlements

If you are interested in pursuing a life settlement, Harbor Life Settlements is one of the best life settlement companies and can guide you through the entire process and help you maximize the value for your policy. We’ll start by answering any questions you have about life settlements, then verify your eligibility and provide a free estimate on the cash value of your policy. You have the option to back out at any point, but should you choose to continue with the life settlement — we’ll take care of all the work and guide you through the process. To get started with the life settlement process, contact us today and discover how much your policy is worth or use our life settlement calculator for an instant estimate.

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Harbor Life Settlements Will Help You Get The Most Money For Your Life Insurance Policy

Get My Free Estimate

The Complete Guide to Life Settlements

What Is A Life Settlement?

How Life Settlements Work

1. Application

2. Documentation

3. Offer

4. Negotiation

5. Exchange

What Makes Harbor Life Settlements Different From Other Companies?

Life Settlement Definitions to Know

Life settlements can contain some confusing insurance terminology, so to help you make sense of it all, here are some key terms to know.

Face value

Death benefit

Cash surrender value

Viatical settlement

Life Settlement Provider

Life Settlement Companies

Common Reasons for Pursuing a Life Settlement

The policy is too expensive

You no longer need life insurance

You need funds for an unexpected expense

You want additional money to fund retirement

Your term policy will expire soon

Advantages of Life Settlements

Large Cash Payment

No More Insurance Premiums

Disadvantages of Life Settlements

No Death Benefit for Beneficiaries

Taxes

Who Qualifies for a Life Settlement?

History of Life Settlements

What Do Life Settlement Companies Do?

Life Settlement FAQs

What's the Difference Between a Life and Viatical Settlement?

Are There Laws on Life Settlements?

Who Buys Life Insurance Settlements?

Is a Life Insurance Settlement Taxable?

Get a Free Life Settlement Evaluation with Harbor Life Settlements

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