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 ask a third party to look at the policy and value it, then you take your policy to a group of buyers and someone will offer to buy it from you. This 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?
Worthright isn’t an investor or a bank, and we’re not a middle man. 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 talk about things in prose that is difficult to understand.
We take a complicated process and make it effortless, manageable and understandable.
Who can use Worthright?
Anyone. We specialize in working with older folks, generally over 65 years old, and their adult children.
So what exactly does Worthright do?
We spend time learning a little about you, your family, and understanding your challenges and goals during your retirement years. We then pull a set of recommendations together for you and your family to review.
We have a number of tools, services and other capabilities that we walk you through in an effort to find you the financial opportunities you didn’t know you had.
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.