Ovid Life Settlements: A Review for Policy Owners

Rebecca Parson
Rebecca Parson

Rebecca Parson

Author

Rebecca Parson is a financial and tech writer with 10 years of experience writing about topics such as life insurance, commodities investing, and the SaaS industry. She has a master’s degree from Johns Hopkins University and a bachelor’s degree from the University of Mary Washington. Her writing has appeared at money.com, sacbee.com, cart.com, herodevs.com, blanchardgold.com, and more.

Brian OConnel
Brian OConnel

Brian O'Connel

Contributor

Brian O’Connell has been a contributing writer for U.S News & World Report since 2016. A former Wall Street bond trader and the author of two best-selling books; “The 401k Millionaire” and “CNBC’s Creating Wealth”, he has 20 years experience covering business news and trends, particularly in the business and financial sectors. He believes education is the best gift a financial consumer can receive – and brings that philosophy to every story he writes. His byline has appeared in dozens of top-tier national business publications, including CBS News, Bloomberg, Time, MSN Money, The Wall Street Journal, CNBC, TheStreet.com, Yahoo Finance, CBS Marketwatch, and many more.

By Rebecca Parson, Brian O'Connel
Author, Contributor, Life Insurance

Ovid Life is an online platform that connects life insurance policyholders with potential investors. 

The platform itself doesn’t negotiate or act as a broker when you’re selling your life insurance. Instead, it’s a life settlement marketing company that makes money by referring sellers directly to life settlement buyers. These buyers may include affiliates of Ovid. 

Ovid Life claims to reduce delays and costs traditionally associated with intermediaries by enabling direct interactions between policyholders and buyers. 

At Beca Life, we have 16 years of life insurance experience, and our professional network includes vetted brokers, institutional investors, and some of the largest life settlement providers. We’ve rounded up some of the most common questions we receive about Ovid Life.

How Ovid Life Works

The life settlements industry is complex and highly regulated by states, so, as a policyholder, it can be hard to figure out your best move.

If you’re trying to find out whether Ovid buys life insurance, how much an Ovid settlement is, or if you’re looking for an Ovid Life review, keep reading.

1. Ovid Doesn’t Buy Life Insurance

Ovid Life doesn’t buy life insurance. Instead, it finds people who want to sell their life insurance policies online and connects them to buyers. The buyers compensate Ovid Life directly and the seller is never charged a fee by Ovid Life. 

2. Ovid Doesn’t Do Life Settlements

A sale of a life insurance policy is called a life settlement and it is regulated by almost all states in the United States. Ovid Life doesn’t buy policies, so it technically doesn’t engage in regulated life settlement activity. If you contact Ovid Life, the company will send your information to a life settlement provider who will review your information any may offer to purchase your policy.

3. Ovid Isn’t a Life Insurance Broker

As Ovid’s website says, “Ovid is a life settlement marketing company, not a life settlement provider or a life settlement broker, and Ovid does not represent the policyholder.”

What does this mean in practice? Let’s look at the terms one by one:

  • life settlement provider is the person or company that buys your policy or acts as an intermediary between the buyer and seller.
  • life settlement broker is the person who acts on behalf of the seller and negotiates the sale of your life insurance. Think of them like real estate agents — intermediaries between buyers and sellers with a fiduciary responsibility to the person they represent.
  • A life settlement marketing company (like Ovid) finds people who want to sell their life insurance and gives their information to buyers.

Is Ovid Life Insurance Legit?

Yes, Ovid Life Insurance is legit. While Ovid Life is not accredited by the BBB, it’s also not a scam — it doesn’t pretend to be something it isn’t. 

If you contact Ovid Life, the company will send your information to life settlement providers (buyers), who will then contact you to buy your policy. Ovid Life will not send your information to brokers. 

This is important to remember because buyers are not obligated by law to act in your interest, but brokers are. A broker will put your policy on the market and shop it around to many different buyers until getting the highest possible price. It’s in the broker’s — and your — financial interest to sell high (the broker gets a commission on the sale). 

By contrast, it’s in a buyer’s financial interest to pay you the lowest amount possible for your policy. Since Ovid Life only sends your information to buyers, it’s only sending your information to parties who want to pay you as little as possible.

At Beca Life, we work with you to determine which is better: a broker or a provider. Then, with your permission, we send your information to a broker or provider to be in touch with you. That way, you can be sure that whoever you speak with after us best fits your needs.

Ovid Life Settlement Review: Pros and Cons

Working with a life settlement company like Ovid Life has its benefits and drawbacks. Let’s look at each in turn.

Pros of Ovid Life

While the founders of Ovid Life have sold the company and its online presence has significantly decreased since, you can still find positive reviews on sites like TrustPilot. Some of the common themes include:

  • Clear communication and professionalism by representatives who explain the life settlement process and answer questions thoroughly.
  • Patient customer support in responding to extensive inquiries.
  • Helpfulness in making the life settlement process as stress-free as possible.

Cons of Ovid Life

Some customers have found negative sides to Ovid Life, reportedly including the company adding unnecessary delays to their life settlement process.

Another con involves the company’s structure — it will only refer you to buyers. If you’re looking for a quick sale and care more about speed than how much you get for your policy, this may be just what you’re looking for. However, if you want to sell your policy for the maximum possible, it’s better to work with a life settlement marketing company that can refer you to brokers, too, not just buyers.

Finally, in our recent review of Ovid Life’s website, some recent blog posts caught our eye. These posts include a data analysis of which film version of The Grinch is most Google searched by state, the most popular classic rock band by state, and the most popular Girl Scout cookies. 

While these blog topics have nothing to do with life settlements, they’ve been posted under the name of a marketing person at Coventry Direct, the largest life settlement company in the U.S.

How Is My Life Settlement Offer Calculated?

Many elements influence a life settlement’s value. Sellers receive a percentage of their policy’s death benefit as a cash payout. Those opting for viatical settlements often secure a larger portion of the death benefit. 

The specific amount offered can greatly differ — from 2% to 80% of the death benefit — based on factors like the policyholder’s health, the type of insurance, and prevailing market conditions.

Bottom Line 

If you’re looking for a speedy referral to a life settlement buyer, it may be worth getting in touch with Ovid Life. However, if you’re looking to speak with someone about whether a buyer or broker is right for you, get in touch with us at Beca Life. 

We don’t charge you a fee or commission to speak or work with us. We aren’t brokers or buyers, so we don’t give you offers or estimates of what your policy is worth. Instead, we connect you with specific buyers and brokers who we know are looking for your type of policy, or your policy’s face value, or any other factors that make your policy attractive. It costs you nothing for you to speak with one of our life settlement experts.

Our goal is to help you learn how to sell your life insurance policy.

Frequently Asked Questions About Ovid Life Settlements

Do You Have to Pay Ovid Life a Fee? 

No, you don’t have to pay Ovid Life a fee. Instead, Ovid Life gets a fee from the buyers it sends your information to.

Does Ovid Estimate Life Settlements?

Yes, Ovid Life provides an online life settlement calculator. However, life settlement calculators are not accurate, and the estimated amount will likely be far lower or higher than the amount offered by a life settlement buyer.

Does Ovid Sell Life Insurance?

No, Ovid does not sell life insurance.

Is Ovid’s Life Settlement Calculator Accurate?

Ovid’s life settlement calculator is not accurate. No online calculator can accurately predict the amount a life settlement buyer will offer because so many variables go into what your policy is worth. Depending on your age, health, and monthly premiums, you could get anywhere from 2% to 80% of your policy’s face value.

Does Ovid Life Do Viatical Settlements? 

Yes, Ovid Life can connect you with buyers of viatical settlements.

Life Settlement Brokers vs. Life Settlement Providers

A life settlement broker represents you, the seller. A broker will put your policy on the market, shopping it around until getting the highest price. A life settlement broke will charge a commission for the sale. A life settlement provider is the buyer and will not charge you a commission.

Are Life Settlements Worth It?

Selling your policy will earn you more money than simply surrendering or letting it lapse. That said, there are alternatives to selling that you may want to consider.

Sell your life insurance policy for cash.

See if you qualify now.

We’re here to help. Speak with a Policy Specialist today at +1 848-456-8333