Get this before going for a settlement calculator

Do you own a life insurance policy? If you don’t know, it is an assent that you can sell for varied benefits. Selling your life insurance policy can be one of the better things to do, only at the right time. But, without knowing if you are eligible or what is the value of your policy? It simply would be a waste of time and energy. It is also true that running from one company to another, getting quotes is a difficult task. However, recognized settlement companies have developed websites that can help any and every policyholder looking to sell their policy get an estimate through a settlement calculator. These systems are extremely helpful and you can get an approximate estimate from various settlement companies from the comfort of your home. 

Everything considered your eligibility is also one of the primary aspects that can take you further into the settlement process in an instant. Although several settlement calculators are available on settlement company websites, only a few allow you to check their eligibility. So, here are a few measures you can take. 

  • Apply only if you are 65 or above. Many settlement organizations even go as far up as 70 when it comes to the age criteria. But, you can take 65 as the minimum age requirement. 
  • Your chances of settling your life insurance become much easier if the after death benefits of your policy are over or around $100,000. 

How does the settlement calculator work? 

If you visit a settlement companies website, you will find a separate option generally titled Settlement Calculator or get an estimate. Upon visiting the link, you enter the name of your policy, the company you have your policy from, or the value of your policy. Following, general information regarding your age, gender, date of birth, and more is asked. Once you enter all the details, you get an approximate value right on the website or on your provided email address. 

Remember, this is an estimate and you should not take it as the silver lining. The amount can be higher or lower depending on the final processing of your policy. 

With the approximation, you can dedicate to sell or not to sell your policy. 

Can I sell any policy? 

The kind of policy you can sell partly depends on the settlement organization. Some companies only accept life insurance while others take all of them including term, universal, whole life, and group policy among others. So, you can enquire about this with a settlement agency. 

If you want a better estimate from the settlement calculator, you should have all the necessary documents ready. Entering false data will only lead to wrong estimates. If there is anything about your policy that you don’t know, the type of policy it is, or the value of it, you can always get in touch with your policy provider. You should also take a couple of estimates from varied organizations. If the estimate varies you can take an average and understand better the lump sum amount you can receive. 

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.