GWG Life

time icon 5 min read update icon Sept. 20, 2019
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GWG Life empowers policy owners to financially prosper through the sales of life insurance policies. 

Founded in 2006 and headquartered in Minneapolis, Minnesota, GWG Life is an innovative leader in the life settlement market. The company purchases life insurance policies from consumers at a discounted face value of the policy benefit. The purchases are made through life insurance agents or financial advisors, as well as through an appointed agent program. 

The company has also developed a suite of options, LifeCare Xchange (LCX), which offers seniors the option to exchange the value of their life insurance to cover the costs associated with long-term care and other post-retirement needs. The company’s ultimate goal is to help seniors receive the most value for their life insurance, to use for their needs today. 

Grandfolk Scoring
Cost 7/10
Ease 10/10
Customer support 8/10
Age qualification 10/10
Estimates 9/10
Established 10/10
Online tools 4/10
Direct buyer 10/10
Accreditation 7/10
Cancellation 7/10
Are there any fees involved?
Unclear; check with an agent to be sure
Is it easy to get started?
Yes, simply call or go online
Customer support
Ease of access
Agents are available 9 AM-5 PM CST Mon-Fri
Age qualification
What ages qualify for services?
Clients qualify to apply if they are 65 years old or older
Does the company offer estimates?
No, but an agent will contact you to complete an appraisal by phone
Is the company well established?
Yes, the company was founded in 2006
Online tools
Are there online tools available?
Direct buyer
Is the company a direct buyer of life settlement policies?
Is the company accredited?
The company is not accredited by the BBB,but maintains an A+ rating
What if I change my mind?
All sales are final once paperwork is signed
Age Score:
50-64 Years
65-74 Years
75-84 Years

Typically, services are available to policyholders who are 65 years or older. However, if there is no significant health impairment, seniors who use the services are usually age 75 and older. In some instances, younger policyholders may qualify for services if their health impairments are deemed severe.

Unbeknownst to many, a life insurance policy can be utilized as a powerful tool to help individuals maximize their available benefits. The company typically pays up to eight times more than the policy’s surrendered value.A life settlement may be the solution you need to help fulfill various financial obligations.

Health Score:
Great Health
Good Health
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Unfortunately, millions of seniors have failed to plan effectively for their retirements and long-term healthcare needs. Unforeseen serious health conditions, along with a decrease in income and savings, leave little opportunity to cover constantly accruing expenses. GWG has introduced the LifeCare Xchange program. This program was designed to help empower seniors by restoring their choices. The inventive program provides the senior with an opportunity to customize a financial solution to fit their unique circumstances.

A client’s life insurance policy is a valuable asset, and the Xchange program allows that asset to be “Xchanged” for a different solution which better meets the client’s needs. Xchange solutions include: Income Annuity, Retained Death Benefit, tax-free Long-Term Care Benefit Plan, or Cash Payout. The entire process is simplified, quick and easy.


  • GWG Life creates customized solutions to enable seniors to exchange a life insurance policy into a more fitting benefit plan.
  • Clients may submit their contact information online to request more information regarding the LifeCare Xchange Program.  
  • By choosing a life settlement with GWG Life, clients can receive the fair market value for their insurance policies, instead of permitting the policies to lapse or be surrendered at a much lesser value.
  • GWG Life is an industry favorite, due to its wide selection of transparent financial solutions. 
  • Seniors searching for a more customized solution may exchange their life insurance benefit for a lump sum payment, begin receiving income for life in an annuity, or retain a portion of the protection with no further premium payment obligations. 
  • A GWG Life specialist can help clients discover all of their financial options, to help maximize their life insurance assets.


  • Consumers have complained that the company created its own brokerage company as a means of securing a greater commission.Additionally, consumers are skeptical that GWG Life shops policies to other providers.
  • Consumers feel that a trusted broker should be independent of all providers and have the client’s best interests at heart.Many are doubtful of GWG due to the provider and brokerage firm being under the same company name. 
  • The overall process, from beginning to end, takes approximately 90 to 120 days. This timeframe is relatively high compared to timeframes from comparable companies. 

Bottom Line:

Over time, life insurance premiums can increase, causing a financial hardship for seniors. Furthermore, life circumstances may change, and a senior may no longer need the policy. GWG Life provides a range of unique financial services based on the needs of its clients. The company offers services which allow policyholders to be in control of their futures.

Since 2006, the company has finalized over $400 million in exchange value for seniors who owned life insurance.Today, GWG Life maintains its ability to provide an array of financial solutions to policy owners. The company is committed to raising awareness among seniors. 

Frequently Asked Questions:

What is the face value range that the company can purchase?

GWG Life purchase policies that carry a face value of $100,000 to $10 million.

What type of life insurance policies does the company purchase?

The company will consider most types of life insurance policies for eligibility.Some of the most popular types of policies considered are Permanent and Universal Life insurance policies and Joint Survivorship Universal Life. 

What decision timeframe does the company provide?

Generally, the overall process takes between 90 and 120 days. Assembling necessary documents is the first step. Once the needed documentation has been received, a review is done over the policy and all supporting documentation. Once completed, the policy is priced by GWG Life. On average, the closing process could take an additional 30 to 60 days to complete.

More Information:

Product Details

Overview: GWG Life is a provider of life settlements to help seniors maximize their life insurance investments.

Package Details: N/A

Optional Accessories or Add-on Services, if any:  N/A

Additional Company Details

Contract Details: N/A

Warranty: N/A

Accreditations: GWG Life is not accredited by the Better Business Bureau, however, the company maintains an A+ rating. 

Company Details: Headquartered in Minneapolis, Minnesota, GWG Life was founded in 2006 to offer services based in the secondary market for life insurance. The company is an owned subsidiary of GWG Holdings, Inc. 


GWG Life Settlements
220 S 6th Ste 1200
Minneapolis, MN 55402
Tel: 877-227-4484

T. Mashae Pearson - Senior Advisor

Shae is senior researcher with Grandfolk® providing in-depth product and service reviews to empower senior buying decisions.