Several years ago, Matthew Ganovsky was contacted by a Windermere client
who thought his $1 million life insurance policy had lapsed. Being diagnosed
with ALS, he wanted to ensure his family would be taken care of when he no longer could.
Through Abacus Life, a national firm headquartered in MetroWest that he built alongside his partners, Sean McNealy and Scott Kirby, Ganovsky changed his life.
A review of the policy revealed that he still had coverage if he made a late premium
payment. After Ganovsky walked him through his options, he chose to sell it for $440,000 — money that he was able to use to pay off the family home and set his family
up for future success.
“A lot of people don’t realize that their life insurance is personal property like a house or car,” Ganovsky says. “And like any other asset, it can actually be sold.”
Should I Consider Selling My Life Insurance Policy?
There are many reasons why someone would look into selling or liquidating their life insurance policy. It could be that the premiums have become too expensive to manage on a monthly basis. Or, an individual may find that they no longer need the coverage
or that they could use some extra income (for example, to cover medical costs of a terminal illness).
Abacus Life has developed a number of options to assist people if they no longer need or can no longer afford their coverage. These include selling the policy for all cash or even retaining a portion for their beneficiaries.
“When it comes down to it,” says Ganovsky, “don’t ever lapse or surrender your policy without exploring the possibility of selling it.”
How Does It Work?
As a direct buyer of life insurance policies, Abacus Life streamlines the entire process for their clients. First, they evaluate the policy based on the client’s overall health, medical records and premiums. Typically, the offer is two to five times the cash value of what the insurance company is willing to provide. When a settlement has been agreed upon, they write a check directly to the policy owner with no additional fees or expense.
Ganovsky and his partners understand the delicacy of the matter at hand. That’s why it’s important for them to make the process personal for their clients and truly educate them on what to expect throughout the entire process.
Will I Be Eligible?
The average age of an Abacus Life client is 75 years old. The average policy is $1 million, though they can go as low as $200,000 or as high as $100 million.
The best way to find out your eligibility is to call Abacus Life and share your story. With over 20 years of experience, they keep their clients’ needs top of mind every step of the way.
2101 Park Center Drive, Suite 170
Orlando, FL 32835
By the Numbers
• $200 million paid to seniors by Abacus Life in 2020
• $143 billion is forfeited back to insurance companies each year in the U.S.
• 90% of seniors would have considered a life settlement if they knew this option existed
• 76.4 million Americans will be of retirement age by 2020.
• Only 1 out of every 10 policies receive a payout from the insurance