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Curious About How A Life Settlement Works?
Essentially, it involves selling a life insurance policy through a provider (such as ours) in exchange for a lump-sum cash payment. This payment typically exceeds the policy’s surrender value, which is especially significant for term life insurance policies, where the surrender value is often zero.
As the only current life settlement provider in the UK, specialising in purchasing term life insurance policies we are here to help. If you want to learn more about the process and its benefits, watch our informative video below. Alternatively, reach out to us directly where we will be happy to answer any questions you may have.
Why Should I Sell My
Life Insurance Policy?
- No more monthly payments
- Change of circumstances
- Retirement planning
Why Should I Sell My
Life Insurance Policy?
- No more monthly payments
- Change of circumstances
- Retirement planning
Some Common Reasons for Selling a Term Life Insurance Policy Are
Selling your term life insurance policy could help manage your everyday expenses and help ease any financial burden. Stop paying for a policy that no longer serves your needs.
Receive your valuation quote today for a life insurance policy you may no longer need. This may be due to various reasons such as a paid-off mortgage or children becoming financially independent.
As you age, monthly premiums often increase significantly, making it more difficult to manage everyday expenses. Reduce financial stress by eliminating monthly premiums.
When a term life insurance policy lapses, the insurance company typically won’t provide any pay out. Receive more than the standard surrender value with We Buy Life Policy.
We Take a Unique, Client-First Approach to the Life Settlement Industry
We Take a Unique, Client-First Approach to the Life Settlement Industry
We will not ask for any personal health-related information or require any health examinations at any point during the process. We will provide you with a quote based on your age and the characteristics of your term life insurance policy.
If you discontinue your policy, the insurance company will simply cancel the coverage without reimbursing you for any of the money you have paid into the policy. We will provide you with a more favourable value for your term life insurance policy.
Our process is straightforward and transparent. Your dedicated Account Manager will guide you through every step, answering any questions you may have along the way. Once all documentation has been reviewed and processed by our internal teams, you will receive your payment within 48 hours.
Frequently Asked Questions
Our FAQ has answers to some of the top questions you may have about the process and how we can help.
How does this help me?
If you no longer need your term life insurance policy due to changes in your circumstances, such as moving house, divorce, or retirement planning, you may be eligible to receive a more favorable value payment for your life insurance policy. Our guaranteed cash payments ensure that selling your policy always leaves you in a better financial position than letting it lapse without compensation.
Am I eligible for a term life insurance settlement?
If you have been paying into your term life insurance for 5 years or more and are over the age of 44, use our calculator tool to see if you qualify for a life insurance settlement and find out how much it could be worth today.
What would normally happen if I stopped paying my life insurance premiums?
If you stop paying premiums to your life insurance company for any reason, they will likely cancel your coverage, and you will not receive any payment, this is true for most life insurance policies.
What is a death benefit?
The death benefit is the sum insured on your life insurance policy. It is the amount that you will receive upon your death from the life insurer. This amount may have increased or decreased since inception depending on the specifics of your policy.
We do not offer any tax advice and all policyholders should take their own tax advice in relation to the sale of the policy. In general, as long as the sum of premiums paid to date is more than the purchase price we offer, then there should be no chargeable event gain on the policy and so no income tax or other UK tax should be due on the sale.
Guidance can be obtained from the HMRC website in relation to the tax treatment on sale of life insurance policies (see HS320 Gains on UK life insurance policies (2023) – GOV.UK – and, in particular, example 3 in Part 5 of the Guidance in relation to sale of policies)
We Buy Life Policy is not responsible for the accuracy of this information and all policyholders are encouraged to take their own tax advice before entering into the transaction.
