We know that this process and type of decision can seem complicated, so we’ve pulled together some basics to help you get 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. The 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.
So what exactly does Worthright do?
We spend time learning a little about you and your family, understanding your challenges and goals during your retirement years, and 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.
Who can use Worthright?
Anyone. We specialize in working with older folks, generally over 65 years old, and their adult children.
How do I know if I qualify for working with Worthright?
If you answer “yes” to any of the following questions it’s likely that you’ll qualify for working with Worthright
- Are you over the age of 65? - Are you caring for a loved-one over the age of 65? - Are you facing retirement or care costs that you need or want to pay for? - Are you looking for an advocate who will help you understand your options?
What is the process for working with Worthright?
We learn about you and your goals, challenges and obstacles through a series of consultations. We look at what you have available and pull together a set of recommendations based on what we’ve learned about you.
We then walk you and your family through the options and leave it to you to take the next step. We’re happy to facilitate referrals or help you through specific transactions. Were also happy to wait on stand-by for you to bring other people into the discussion - then when ready, we'll pick up where we left off.
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.
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 what each person makes. They also talk about things in prose that is difficult to understand.
What is a Life Settlement?
A life settlement is a transaction where you sell your life insurance policy to someone else. You receive cash for the policy you just sold, and the new owner takes over premium payments and gets the post-mortem benefit.
How quickly can Worthright help me sell my policy?
That depends on a few factors. We've helped families in as short as one week, where others have taken 8 weeks. We’re working hard to introduce technology to the process that will speed this up.
Am I expected to pay fees and when do I receive my funds?
Typically - yes. Many people who would facilitate a transaction on your behalf take a fee. Worthright provides this service for free and we make money from the investors involved in the transaction.
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.