What are the best reasons to sell a policy?
You cannot afford or do not need the coverage any more and circumstances may have changed. Estate tax is not the problem you anticipated, etc., etc.
What information does LSC need to best evaluate a policy?
When did you buy it? What is the death benefit? What is the current cash value and the amount of any outstanding loan on the policy? How much is the annual premium? How has your health status changed since you bought the policy? A copy of your most recent annual report can be helpful in providing the answers to many of these questions.
What types of policies are acceptable?
Term, whole and universal life, survivorship and/or second-to-die, key-man, buy/sell are all types of possible policy candidates.
Are there any other requirements?
Policies must be in force two or more years and have a minimum $500,000 total face amount. The insured must be at least 70 years old (younger if there are health issues).
Are there any other tips? Yes! Only sell your policy back to the primary carrier as a last resort. Do business with a firm that will attract multiple offers, playing one funding resource against the other! As a time-saver, call for more information to determine if you qualify for our services: (800) 233-6481.
