Abacus Life Ranks #1 For Fast Sales
Source: Investopedia
As you get older, your life insurance policy only becomes more costly. It may even become unaffordable, so it’s easy to see why so many people give up their policies. A 2019 study from the Society of Actuaries and LIMRA found that 4% of life insurance policies—worth billions of dollars—lapse every single year. But if you need money, there is an alternative you may not have considered: life settlements.
Whether you need cash for high medical bills, a divorce, or other living expenses, it may be possible to sell your life insurance policy to a life settlement provider. However, without federal regulation, it can be tough to know which companies to work with. To find the best life settlement providers, we compared 15 of the leading companies based on reputation, nationwide availability, customer service, sales process, and more.
Best for Fast Sales: Abacus Life Settlements
Abacus Life Settlements made our list because of the company’s fast quotes and sale process. You can expect a quote and see what your policy is worth within 24 hours. Abacus may complete the life settlement within 14 to 21 days, and the money may hit your bank account by the 21st day. This is faster than the other companies we reviewed and makes Abacus Life Settlements best for fast sales.
Abacus Life Settlements is one of the fastest-growing life settlement providers, with 18.5% growth over the past year. Founded in 2004, the Orlando, Florida-based company is our top choice for speedy quotes and fast life settlements. The company beats the competition for fast quotes and sales with artificial intelligence to expedite the underwriting process. Abacus is Better Business Bureau-accredited with an A+ rating. The company was named as one of the top life settlement providers of 2020 by The Deal.
You can start the life settlement process by completing Abacus’ one-step qualifier, which provides an instant quote through the company’s website. You may also accomplish the same thing by calling their team. The company completes a federal background check with the sales process taking 14 to 21 days.
Abacus is looking for customers in their mid-to-late 70s or individuals with poor health. Your life insurance policy must be convertible term, universal, or whole life with a death benefit of at least $100,000. To determine your payout, Abacus considers your policy type, face value, age, and health status. Abacus’ website says they typically pay six to eight times your policy’s cash surrender value. The company’s average payout is 23.3%.
Source: Investopedia
