Trusted Experts in Senior Life Settlements

At Summit Life Settlements, we help individuals—especially seniors—turn unwanted or unaffordable life insurance policies into a meaningful cash payout. If you’re wondering “what is a life settlement?”, you’re not alone. Many policyholders don’t realize that their policy may hold real market value—even if it’s no longer needed.

Life settlements offer a powerful financial option for those aged 65 and older. Instead of letting your policy lapse or surrendering it for minimal value, you can sell it to a licensed buyer for a lump-sum cash payment.

“Your life insurance was designed to protect your loved ones—now, it can protect your financial future.”

Sell Your Life Insurance Policy for Cash: a man and woman holding hands on a beach

What Is a Life Settlement?

A life settlement is the legal sale of a life insurance policy to a third-party buyer. The buyer takes over premium payments and, in return, receives the death benefit when the insured passes away. In exchange, you—the policyholder—receive an immediate cash payout that is often significantly higher than the policy’s surrender value.

Life settlements are ideal for seniors who:

  • No longer need the policy
  • Can no longer afford premiums
  • Want to improve their retirement income
  • Have experienced a change in health or financial circumstances

Senior life settlements are most commonly available to individuals who:

business outline icon

Are aged 65 or older

Lower Monthly Expenses

Own a life insurance policy with a face value of $100,000 or more

Age and Health Parameters

Have experienced changes in health or financial goals

Hold a convertible term, whole life, or universal life policy

Not sure if you qualify? We’re here to help you find out—quickly, confidentially, and without obligation.

Benefits of a Life Settlement

Selling your policy through a life settlement can offer major advantages:

  • Lump-sum payout far greater than surrender value
  • Freedom from ongoing premium payments
  • Cash for healthcare, retirement, or personal goals
  • Full transparency and regulation through licensed life settlement brokers like Summit

“A policy you no longer want could become the financial resource you truly need.”

What Is a Life Settlement? - a man and woman sitting on a boat

Why Choose Summit for Life Settlements?

Summit Life Settlements is not a buyer—we’re a life settlement brokerage that works exclusively for you. As your advocate, we present your policy to a network of licensed providers, securing competitive bids to help you receive the highest payout possible.

When you partner with Summit, you gain expert guidance every step of the way, access to top-rated life settlement providers, and a fully transparent process with zero upfront costs or obligations. Our tailored approach is designed around your financial goals, ensuring you feel informed, supported, and confident from start to finish.

Use Our Free Life Settlement Calculator

Curious about how much your policy could be worth? Our life settlement calculator gives you an instant, no-obligation estimate in just a few clicks. 100% Free, Confidential & Fast Results.

Use Our Calculator

Take the First Step Toward Financial Freedom

If you’re searching for answers to questions like:

  • “What is a life settlement?”
  • “How do senior life settlements work?”
  • “Is selling my life insurance policy the right move?”

Then you’re in the right place.

Summit Life Settlements offers a trusted, expert-driven path to turning your policy into profit—on your terms.

Request a Free Consultation

A life settlement is the sale of an existing life insurance policy to a third-party buyer in exchange for a lump-sum cash payment. The buyer becomes the new policy owner, takes over premium payments, and collects the death benefit when the insured passes away.

Typically, individuals who are 65 years or older with a life insurance policy of $100,000 or more may qualify. Policyholders with declining health, changes in financial needs, or those who no longer want or need the coverage are often eligible.

A life settlement can provide much-needed cash for retirement, medical care, or debt. It’s a smart alternative to letting a policy lapse or surrendering it for a fraction of its value.

Surrendering a policy means canceling it for its cash surrender value, which is often much lower. A life settlement typically offers a significantly higher payout, since the policy is sold to a third party instead of terminated.

In many cases, life settlement proceeds are taxable, but it depends on your specific financial situation —consult the IRS guidelines on life settlements or a tax advisor to understand potential implications.

The process usually takes 6 to 12 weeks. This includes policy review, eligibility verification, buyer bidding, and completing the transaction once an offer is accepted.

Commonly eligible policies include:

  • Universal life
  • Whole life
  • Convertible term life (must be convertible to permanent coverage)

No. At Summit Life Settlements, our life settlement calculator is completely free and confidential. There are no upfront fees for our services or initial policy evaluations.

Summit is a life settlement brokerage, not a buyer. That means we work on your behalf, shopping your policy to top-rated, licensed life settlement providers to get you the best possible offer, with no upfront costs and full transparency.

Yes, life settlements are legal and regulated in most U.S. states. Reputable life settlement companies and brokers—like Summit Life Settlements—follow strict guidelines to protect policyholders.