Age of the Insured

Buyers often prefer policies with individuals over 70 due to their shorter life expectancies, making the investment appealing with quicker returns. To qualify for a life settlement, the policyholder must be at least 65 and/or have a serious or chronic illness. Conditions like cancer or heart disease increase qualification chances.

Policy Size

Buyers favor policies with a face value of $100,000 or more for higher payouts. Smaller policies may still qualify but might attract fewer buyers or result in smaller settlements.

Premium Costs

High premiums make a policy less valuable, as buyers must pay these until the insured’s death. They prefer lower premiums to minimize their financial commitment. Sometimes, premiums can be negotiated to make a policy more attractive.

Non-Contestability period

Recent changes to the policy may disqualify it from a life settlement due to the non-contestability clause, which allows insurers to challenge policies for misrepresentation or fraud within two years of issuance or significant changes.

Life Settlement Qualifications - a Senior couple smiling while signing a contract. How life settlement brokers can help

Type of Policy

Not all policies qualify for life settlements. Eligible types include term life, universal life, variable life, and whole life insurance. Each offers different benefits, and buyers may have preferences based on their strategies. Universal life policies are attractive for flexibility, while whole life policies offer guaranteed death benefits.

Health Status

The insured’s health affects lifespan predictions and potential payouts. Individuals with health issues may receive higher offers. Buyers use health status to estimate life expectancy, often leading to higher offers for shorter predicted lifespans. Detailed medical records are usually required.

Policy Ownership

Policies must typically be owned by the seller for at least two years to qualify for a life settlement. This contestability period prevents fraud. During this time, the insurer may investigate and contest claims.

State Regulations

Each state has its own life settlement laws. Research state requirements before pursuing a settlement. Some states mandate using a licensed broker or provider, while others control payout amounts. Compliance ensures legal and ethical standards.

Why Choose Summit Life Settlements to Represent Your Case?

Why Use a Life Settlement Broker?

While the concept is straightforward, the life settlement process itself can be complex and highly nuanced. Working with a reputable, experienced life settlement broker is essential to ensure:

  • Access to multiple institutional buyers through a competitive bidding process

  • Accurate policy valuation that reflects both the cash surrender value and the market’s true interest

  • Guidance on legal and tax considerations that may affect your financial outcome

  • Efficient and transparent handling of paperwork, documentation, and negotiations

A skilled broker understands the Life Settlement Market and has the tools to advocate for your best interest, not just close a deal. Choosing the right broker can result in tens of thousands of dollars more in settlement proceeds, and save you from pitfalls like lowball offers or missed regulatory details.

Why Choose Summit Life Settlements?

At Summit Life Settlements, we go beyond traditional brokerage services. Our proprietary Summit Life Marketplace platform streamlines the entire process—connecting policyholders directly with a curated network of qualified institutional buyers. This creates a transparent, competitive environment that helps you get the highest possible value for your life insurance policy.

We offer:

  • Thorough policy evaluation: We assess your policy’s face value, premiums, health status, and current market demand to provide a realistic estimate of your policy’s worth.

  • Simplified paperwork and process management: We handle the administrative burden, so you don’t have to.

  • Expert advice on tax and financial implications: Understand the short- and long-term impact of your decision.

  • Clear, honest communication: You’ll know what to expect at each stage, with no hidden fees or surprises.

  • Personalized service from start to finish: Whether you’re just exploring or ready to move forward, we tailor our approach to your needs and goals.

Unlock the Full Value of Your Life Insurance Policy

Whether you’re looking to fund your retirement, cover rising medical expenses, reduce debt, or simply gain financial flexibility, a life settlement may be the key. Too often, valuable policies are allowed to lapse or are surrendered for far less than their true market value.

At Summit Life Settlements, we’re committed to ensuring your policy doesn’t go to waste. Our team will walk you through every step, answering your questions, clarifying your options, and advocating for the best possible outcome.

Get Started Today

Contact us for a no-obligation consultation and let us show you how your life insurance policy could be converted into a powerful financial asset. With Summit Life Settlements, you’ll receive expert guidance, maximum value, and peace of mind—all with zero upfront costs.

Don’t let your policy lapse. Unlock its full potential and Contact Us Today!

There are two factors that determine eligibility. They are the type of life insurance policy and the health of the insured.

Policies that qualify need to be permanent, transferable, have a minimum of $100,000 face value, and be active for at least two years, some states five years. If it’s a term plan, then it must be convertible to a permanent plan. If it is not, then one can still be eligible if one is suffering from terminal illness with less than two years of life expectancy.

65 years old. One can still qualify for a viatical settlement if one’s suffering from terminal illness.

Generally, the older and worse the health of the policyholder the more valuable the policy. If under the age of 65, one must have terminal illness to be eligible.

After accepting an offer, a licensed escrow agent holds the settlement funds securely while the ownership of the policy is transferred. Once the insurance company records the transfer, the funds are released to you.

You’ll typically need:

  • A copy of your life insurance policy

  • Medical records

  • Signed authorization forms

  • Identification and beneficiary details

Summit Life Settlements will walk you through each step and help gather what’s required.

To sell your life insurance policy, you typically work with a life settlement broker like Summit Life Settlements. The broker evaluates your policy, collects necessary documents, and presents your case to licensed buyers in the marketplace who compete to offer you the highest payout.