We pulled together some basics to get you started.
What does it mean to sell your life insurance policy?
Selling your life insurance is like selling any other asset you own. You start by having it appraised - from there you can explore options to sell it to an institutional investor (ie: the buyer), or even refinance the policy.
The transaction is typically facilitated by a broker or specialist. The buyers are typically large banks and other financial institutions like JP Morgan, Deutsche Bank or AIG.
What's the difference between Worthright and other Life Settlement companies?
We empower people on the front-lines of senior care to help families understand their options, and provide a full picture of someone's assets by including the value of a life insurance policy within their assessment.
Worthright isn’t an investor or a bank, and we’re not a broker. Instead we exist to enable the entire process for more people. Other life settlement companies aren’t transparent about the process, who’s involved and how each party is compensated. They also often talk about things in a way that is difficult to understand, even for an expert.
Who can use Worthright?
Our products and tools can be used by anyone who's job is to advocate for a better, more full life for an older adult and their family. This duty of care expands across care management, legal services and financial advice. Beneath all of that, we specialize in serving older folks, generally over 65 years old, and their adult children.
So what exactly does Worthright do?
At our core, we help families navigate and pay for long-term care, and their life during retirement.
We help families navigate the process by connecting them to people who deeply know the system. We help families pay for the care they want by selling or refinancing an existing life insurance policy or other illiquid asset they may own.
What is the difference between surrendering and selling my life insurance policy?
It's common for people to confuse surrender vs. sell. Surrendering your policy means going to your insurance company and “handing in” the policy.
The insurance company will return whatever cash value you've accumulated, less some processing fees. Selling your policy is different, as it's more like selling your house. This involves working with someone like Worthright to evaluate the policy (which is an asset), and finding an investor to buy the policy asset for more than what the insurance company would give you.
Read more on "What is a Life Settlement" or call us for a short discussion to elaborate.
Worthright is a marketing company. We are neither a life settlement broker nor a life settlement provider, and we do not represent the policy seller. We will help you understand your options and refer you to the most appropriate licensed entity that will meet your needs.