A life settlement is a financial transaction in which a policyowner sells an unneeded life insurance policy for more than its surrender value.

Most types of life insurance qualify, including universal life, whole life, variable life, survivorship, group life and even term life.

Policyowners who choose to sell their life insurance policy receive on average more than four times what they would receive from surrendering their policy back to the life insurance company (London Business School Study, June 2013). Every case is different, however, and the size of the payment is determined by variables such as your health, the type of insurance policy you have and the policy’s premiums.

Life settlement calculators that offer “instant” results are based on limited information, typically just the size of the policy and the age and sometimes the general health of the insured. They only provide rough estimates of value that are frequently incorrect.

Because each case is different and we want to provide you with accurate information, we believe that personal attention from an experienced Golden Life Solutions policy specialist is the best approach.

There are no restrictions on the use of the proceeds. Many policyowners use the money to fund long-term care insurance, cover medical costs and/or supplement their retirement income. The choice is yours.

If the face amount of your life insurance policy is at least $100,000 and you have had a change in health, you may qualify to sell your policy.

The learn whether you are eligible to sell your policy, just complete our online qualifier to get started. Or you can call us at or 1.866.836.5433.

Yes. It is possible to sell your policy, eliminate premium payments and keep a portion of the death benefit.

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Selling your policy can supplement your retirement income, free up cash that was being used to pay premiums, fund a long-term care policy, cover unexpected medical expenses or pay off debt. In fact, you can use the money for anything you choose.

And if you still need insurance, you can retain a portion of your coverage while eliminating your ongoing premium payments.

The Tax Cuts & Job Act of 2017 (TCJA) simplified the tax consequences of selling your policy. Unless an exception is met, the sale proceeds will be taxed as follows:

Tax Free – Proceeds you receive up to your tax basis (i.e., the total amount of premiums you paid over time) are not taxable;

Ordinary Income – Proceeds you receive in excess of your tax basis up to the amount of your policy’s cash surrender value are taxed as ordinary income; and

Capital Gains – Remaining proceeds are taxed as capital gains.

However, for insureds who meet the IRS definition of “terminally ill individual” or “chronically ill individual,” the entire amount of the sale proceeds can be received tax-free.