As premiums skyrocket, your loved one may struggle with monthly payments.

Don’t let your loved one’s policy lapse and miss out on the return they deserve after years of payments. Let ElderLife understand your situation and help quantify your policy, so you can feel confident selling it to receive a lump sum payment — often tens of thousands of dollars — that can be used to cover various senior living expenses.

Why sell a life insurance policy?

loans-box

Help pay for senior living care

loans-box

Receive a
lump sum

loans-box

Stop paying
expensive
premiums

loans-box

Avoid letting a policy lapse

How much is my life Insurance policy worth?

Older adults with a life insurance policy with a face value of $50,000 or greater can use the policy to pay for care, whether their policy type is term, whole life, or hybrid.

If your loved one meets the eligibility criteria, you may be able to sell their policy for a percentage of its death benefit value. While the exact amount of the payout depends on various factors, including age and health condition, you may be able to receive up to 60% of its value.

Should I continue paying or sell my life insurance policy?

While the decision to retain or sell a life insurance policy is a deeply personal one, there are a few reasons why your loved one might decide that selling their policy is the best choice.

  • Monthly premiums have become too costly

  • They want a return on their investment

  • They need help with the cost of senior living

  • They need help with the cost of healthcare or long-term care

  • They want to take a dream vacation

  • They want to help a grandchild pay for college or their first car

Whatever the reason may be, ElderLife can help you understand the value of a loved one’s policy, and make sure you get the most of it.

Learn more about Life Insurance

How to Use VA Assistance

7 Benefits of Using Life Insurance To Pay for Senior Care

Learning about the benefits of using a life insurance policy…

How to Use VA Assistance

Use Life Insurance Without Affecting Medicaid Eligibility

Using life insurance to pay for care can affect Medicaid…

How to Use VA Assistance

Strategies To Use Life Insurance for Senior Care

When it’s time to get long-term care services for yourself…

How to Use VA Assistance

Accelerated Death Benefits vs. Viatical Settlements for Senior Care

When faced with a life-altering illness, it can be hard…

How to Use VA Assistance

Life Settlement vs. Viatical Settlements

Life settlements and viatical settlements can help pay for senior…

How to Use VA Assistance

The Best Life Insurance Providers

[Last updated January 10, 2024] Having a life insurance policy…

How to Use VA Assistance

Use Your Life Insurance to Pay for Senior Care

ElderLife Financial Services can help you use your life insurance…