What Makes You Eligible for a Life Settlement? Summit Life Explains

Life insurance is often seen as a long-term safety net, offering financial security to your loved ones. However, many policyholders are unaware they have the option to sell their policy through a life or viatical settlement. At Summit Life Insurance, we guide individuals through this process and help them understand eligibility, benefits like the Retained Death Benefit, and how to use tools like the life settlement calculator in Fort. Lauderdale, FL.

If you're exploring a viatical insurance settlement in Fort. Lauderdale or are curious whether a life settlement is a smart financial decision, this guide will break down eligibility criteria and options to retain partial benefits while unlocking cash today.

Understanding Life Settlements: A Quick Overview

A life settlement is the sale of an existing life insurance policy to a third party for more than its cash surrender value but less than its death benefit. The buyer becomes the new policy owner, assumes premium payments, and eventually collects the death benefit. This solution is ideal for seniors who no longer need their policy or find it unaffordable.

For individuals with a terminal illness, a viatical settlement offers a similar process, often with more favorable terms. Working with a trusted viatical settlement broker in Fort. Lauderdale ensures that you receive the best value for your policy.

Who Qualifies for a Life Settlement?

While each case is unique, several common criteria typically determine eligibility:

1. Age and Health

Policyholders aged 65 or older are most likely to qualify. However, those with serious health conditions may be eligible even at a younger age. If you’re considering a viatical insurance settlement in Fort. Lauderdale, eligibility is extended to individuals diagnosed with a terminal or chronic illness, regardless of age.

2. Policy Type

Most eligible policies include:

• Universal Life

• Whole Life

• Convertible Term Life

Term policies must be convertible into permanent coverage to qualify. Your policy type directly impacts how much a buyer is willing to pay—and whether a Retained Death Benefit option is available.

3. Policy Value

Policies with a death benefit of $100,000 or more are generally considered. Smaller policies may still qualify depending on your health and the type of policy.

4. Premium Payments

Lower premium requirements make policies more attractive to buyers. If the cost of maintaining your policy is too high relative to the potential death benefit, it might reduce your chances of a favorable offer.

5. Ownership and Beneficiaries

You must be the legal owner of the policy and have the right to change the beneficiary. If the policy is owned by a trust or business, eligibility may depend on specific legal structures.

To determine your potential payout, use a life settlement calculator in Fort. Lauderdale, FL—an easy way to evaluate your policy’s estimated market value.

What Is a Retained Death Benefit?

A Retained Death Benefit allows the original policyholder or their beneficiaries to keep a portion of the policy’s death benefit even after selling the policy in a settlement. This means you receive a cash payout now while ensuring your loved ones still receive some future financial benefit.

At Summit Life Insurance, we often recommend this option to clients who want to balance immediate financial relief with long-term family planning. This solution is particularly beneficial in Fort. Lauderdale, where the cost of senior healthcare and long-term care services can strain finances.

The Role of a Viatical Settlement Broker in Fort. Lauderdale

If you’re pursuing a viatical insurance settlement in Fort. Lauderdale, working with a licensed viatical settlement broker is essential. These brokers:

• Represent your best interests

• Solicit multiple offers from buyers

• Ensure legal compliance

• Guide you through complex paperwork

Summit Life Insurance works with a network of trusted professionals to ensure policyholders in Fort. Lauderdale receive the highest offers and the most suitable settlement structure—including the possibility of a retained death benefit in Fort. Lauderdale.

Using a Life Settlement Calculator in Fort. Lauderdale

Curious about how much your policy might be worth? Our life settlement calculator in Fort. Lauderdale, FL, offers a no-obligation, quick estimate based on:

• Policy size

• Age

• Health condition

• Type of policy

This tool is especially useful if you’re comparing selling your policy outright versus selecting a retained death benefit. By entering a few details, you can receive an estimated offer range in minutes and make a more informed decision.

Why Choose Summit Life Insurance?

Summit Life Insurance is committed to providing education, transparency, and advocacy throughout the life settlement process. Whether you're seeking to cash out your policy or explore options for a retained death benefit in Fort. Lauderdale, we make sure you understand every step.

We help clients:

• Maximize settlement offers

• Compare benefit structures

• Navigate medical and legal reviews

• Coordinate with licensed brokers in Fort. Lauderdale

Final Thoughts

If you own a life insurance policy that no longer serves its original purpose, exploring a life settlement could be a smart financial move. Whether you’re evaluating your eligibility or wondering about retaining partial benefits, Summit Life Insurance is here to help you understand your options clearly and confidently.

Don’t let your policy lapse or surrender it for less than it’s worth—use our life settlement calculator in Fort. Lauderdale, FL, or consult with a trusted viatical settlement broker in Fort. Lauderdale to discover your full potential payout.

FAQs

1. What is a Retained Death Benefit in a Life Settlement?

A retained death benefit allows the original policyholder to keep a portion of the policy’s death benefit even after selling it. This provides financial support now and leaves something behind for loved ones later.

2. Do I qualify for a life settlement if I’m under 65?

You may still qualify if you have a serious health condition or if the policy is high in value and has favorable terms. Use a life settlement calculator in Fort. Lauderdale, FL to check.

3. What makes a viatical settlement different from a life settlement?

A viatical settlement is specifically for individuals diagnosed with a terminal or chronic illness, while life settlements are generally for healthy seniors over 65.

4. Can I still keep part of my policy after a viatical settlement?

Yes, with a retained death benefit, you can sell your policy and still leave a portion of the benefit to your heirs.

5. How do I start the settlement process in Fort. Lauderdale?

Contact Summit Life Insurance or use our online life settlement calculator to begin the evaluation. From there, a licensed viatical settlement broker in Fort. Lauderdale will guide you through offers and paperwork.