Be age 70
A life settlement is primarily for people who are age 70 or older. Select policyowners under the age of 70 may qualify if they have a serious health condition.
Own a life insurance policy of $100,000 or more.
You will need to have a policy with a face amount of $100,000 or more to qualify. Most policy types can qualify - even a term policy.
Have a change in health.
Your medical condition is another key factor. People who have experienced a change in their health since they purchased their policy will often qualify for a life settlement.