Does anyone know how soon I can sell my life insurance policy to Coventry Direct? Specifically, how many months must pass before I can do so? I’ve had my policy for four months with a face value of $900,000, and I’m interested in selling it.
Does anybody know how early I can sell my life insurance to Coventry direct how many months before I can sell?
Selling a life insurance policy, often referred to as a life settlement, typically requires that the policy be in force for at least two years. This period is often referred to as the “contestability period,” and it allows the insurance companies to ensure that the policy was not purchased with the intent to sell it for a profit shortly after its issuance.
Since you mentioned that you’ve only had the policy for four months, you may need to wait until it reaches the two-year mark before you can sell it to Coventry Direct or any other buyer.
However, it’s always a good idea to reach out directly to Coventry Direct or consult with a financial advisor for the most accurate and personalized information regarding your specific situation. They can provide guidance on the options available to you and any other factors you should consider.