Why Work With a Life Settlement Broker Like Summit

Navigating the life settlement process can be complex and overwhelming, especially for policyholders unfamiliar with how the secondary market for life insurance works. That’s where Life Settlement Brokers add significant value. These professionals offer in-depth expertise and personalized support throughout the entire transaction, ensuring that you make informed decisions and achieve the best possible financial outcome.

Expert Guidance From Start to Finish

Life settlement brokers are trained to assess policy eligibility and guide clients through each stage of the process—from the initial consultation to final payout. They take the time to understand your unique circumstances and explain how market conditions, health factors, and policy type influence potential offers. Their experience allows them to demystify the process, helping you navigate confidently through what could otherwise be a confusing transaction.

Access to a Broad Network of Buyers

One of the broker’s greatest advantages is their established relationships with multiple licensed life settlement providers. Unlike direct buyers who make a single offer, brokers present your policy to a competitive marketplace of institutional investors. This broad exposure significantly increases the likelihood of receiving stronger, more tailored offers that reflect the full value of your policy.

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

Skilled Negotiation to Maximize Value

Life settlement brokers are not just intermediaries—they are advocates for the policyholder. Using their deep knowledge of policy valuation and investor interest, brokers negotiate on your behalf to secure the highest possible payout. They understand how to present your policy in the most compelling light, leveraging multiple bids to create upward pressure on offers.

No Upfront Costs, Full-Service Support

Life settlement brokers, like Summit, operate on a commission-only basis, meaning they only get paid when your policy sells. There are no upfront costs, making the process financially accessible with zero out-of-pocket risk. Brokers manage every detail of the transaction:

  • Coordinating medical record collection

  • Requesting policy illustrations

  • Completing necessary paperwork

  • Ensuring compliance with all legal and regulatory requirements

This comprehensive support saves you time and money, allowing you to focus on what matters most—whether that’s health, family, or financial planning.

The Summit Advantage

At Summit Life Settlements, we pride ourselves on delivering exceptional service tailored to your needs. Our team works tirelessly to secure the highest possible offer for your policy, keeping your goals front and center. We offer honest communication, personalized attention, and a commitment to transparency every step of the way.

Whether you’re exploring your options, need clarity about your policy’s value, or are ready to begin the life settlement process, Summit is your trusted partner. Our mission is to help you unlock the full financial potential of your policy with confidence and peace of mind.

Next Step: Understanding Eligibility
Before selling a life insurance policy, it’s important to understand who qualifies and under what circumstances. In the next section, we’ll explore the key qualifications for a life settlement—and how Summit can help determine your eligibility quickly and accurately.

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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 60 and have a serious or chronic illness. Conditions like cancer or heart disease increase qualification chances.

Policy Types Considered

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.

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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.

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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.

Lower Monthly Expenses

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.

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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.

Transparent Evaluation Process

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.

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.

LIFE SETTLEMENT BROKER PROCESS WITH SUMMIT LIFE SETTLEMENTS

Summit Life Settlement

Initial Consultation and Evaluation

Consultation: The process begins with an initial consultation where the broker gathers information about the policyholder and the policy.
Evaluation: The broker performs a preliminary evaluation to determine if the policy is a good candidate for a life settlement.

Summit Life Settlement

Policy Review and Documentation

Document Collection: The broker collects necessary documents, including the policy, medical records, and any other relevant information.
Review and Analysis: A thorough review and analysis are conducted to assess the policy’s value and potential market interest.

Summit Life Settlement

Marketing and Bidding Process

Marketing: The broker markets the policy to a network of potential buyers.
Bidding: Buyers submit bids, and the broker facilitates a competitive bidding process to maximize the sale price.

Summit Life Settlement

Offer and Negotiation

Offer Presentation: The broker presents the highest offers to the policyholder.
Negotiation: The broker may negotiate with buyers to improve the offers.

Summit Life Settlement

Sale Agreement and Closing

Agreement: Once an offer is accepted, the broker assists in drafting and finalizing the sale agreement.
Closing Process: The closing process includes transferring ownership of the policy and disbursing the funds to the policyholder.

Summit Life Settlement

Overall Time Frame (6-12 weeks)

Total Duration: Through the Summit Life Marketplace, a process that normally takes months can be reduced to weeks. Our aim is to complete the transaction within 6 to 12 weeks. This timeline may vary based on the complexity of the policy, the responsiveness of the buyer, and the efficiency of the documentation

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 market dynamics 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 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.