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At an appropriate stage of life, you invested in a life insurance policy. Later in life, for one reason or another, many people often come to believe that they may no longer need or even want the policy. Perhaps the policy’s investment component is underperforming, and they would rather invest their money elsewhere. It is possible your spouse has pre-deceased you, or your children are grown and independent, making the death benefit seem less essential. In some cases, the cost of maintaining the policy has become a financial strain.
Whatever the reason, it’s always been a complicated path to access the money in your policy. If you surrender the policy, not only is it possible you may have to pay taxes on the policy’s investment gain, you will also lose coverage and promise of a future death benefit. Even if you satisfy the eligibility requirements to qualify for a life settlement, that could trigger a taxable event and result in a loss of any death benefit.
The policy is no longer needed or wanted.
Premium payments have become too expensive
May needs funds to help pay personal expenses
Their estate planning needs may have changed
To get started with getting cash from your whole life insurance policy you can either complete our Pre-Qualification Application or reach out to your insurance agent to see if a “Loan for Life™” is the right fit for you.
Once it is determined that a “Loan for Life™” is the right fit for you, we will then review all of your policy documentation. We will use this information to determine if your policy qualifies for a loan.
The length of this process varies and depends on how long it takes to receive the correct documentation from your insurance carrier. Loan closing usually within 10 days after fully executed documents are returned to Fairmarket Advisory.
