When a Whole Life Insurance Policy is no longer wanted and surrendering the policy is being considered, a life settlement should be sought as part of that consideration.

Whole Life Insurance Policies have a set premium that performs as expected over time. This makes these policies good for long term growth, however, there is no flexibility in the premium payments or guarantee period and means buyers cannot adjust the policy to run at lower premiums like a universal life policy.

This type of insurance policy is unique in the dividend options available, and there are different in-force illustrations that can be requested from the life insurance carrier to optimize how the policy illustrates and in effect how much of an offer you may receive for the policy.

Alternatively, some whole life policies perform so well that there are buyers who will make offers on healthy individuals with Whole Life policies simply to take advantage of the strong guaranteed returns. This ultimately results in increased value to the policy owner above simply surrendering the policy.

The process to sell a whole life policy is the same as selling any other type of policy. Working with a Provider, all required information will be requested and the buyers that Provider represents will make the lowest offer possible to obtain the policy. Working with a life settlement broker, once an application is completed, all the necessary underwriting documents are gathered and distributed to a global network of buyers (including multiple Providers) in order to maximize the offer to the policy owners.

While policy owners may try to sell their own policy, there is much higher likelihood of obtaining an offer by working with a broker and most important it is likely the final offer obtained will be significantly higher.