Sunday, May 12, 2013
Lead from yesterday:
Personal info withheld
First Name: H Last Name: H City: Westbrook State: CT Daytime Phone: xxx-xxx-xxxx E-mail Address: xxxxx Age: 77 Type Of Policy: Universal Life Face Value Of Policy: 100000 Country: USA Comments: Policy is on my ex-husband, dob 8/16/35.
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Tuesday, August 14, 2012
Though contraversial to some, this insurance settlement option makes sense for people who are normally within 2 years of expecting to pass away. The Insurance cash settlement from Viatical policies can provide great relief for themselves and their family. A policy is an asset, and rather than continue to pay the insurance premium during times of stress and illness, it is sometimes best sold for cash to meet the needs of the insured and their loved ones.
Engaging in a viatical life settlement takes away the pressure of meeting costly insurance premiums and allows the insured to use the cash to meet hospital and doctor bills, pay their mortgage or just to keep the lights on. When people are terminally ill, their is rarely much income coming into the household as the person is most likely not working anymore. If their is some income (retirement or investments), most of the time that income is worn away or spent on pressing bills.
Viatical candidates should contact a company that specializes in Viatical Settlements. What these companies will do is examine your policy and determine if you are an appropriate candidate to sell your policy and if their is a market for it. The way these transactions are done is the policy is marketed to investors willing to take on the premiums and keep the policy active. The new policy owner pays out the insured a negotiated cash settlement up front. The Viatical Insurance company and broker will retain a fee as well. When the insured dies, the new holder of the policy will receive the death benefit payout. The policy is not changed as far as the death benefit cash payout. It is simply paid to the new person. The person who was the insured (his family) does not receive anything at the time of death. They received the cash at the time of the insurance cash settlement. This concept is the same for seior settlements as well as viatical transactions.
Visit Selling An Insurance Policy for more information and contact help.
Friday, March 16, 2012
This is a very simple transaction. An investor will purchase a life insurance policy. They will agree to make any future required premium payments too. In return, they will settle with the policy owner for a sum of cash. The amount of money is usually less than the actual death benefit of the policy, but probably far more than the surrender value if the owner just cashed the policy in the insurer. These are also known as viatical settlements or senior life settlements.
Are Life Settlements Legal?
Insurance is usually regulated at the state level, so you have to check with the rules where you live. But life insurance settlements, that comply with the rules, are legal and common.
What Life Insurance Policies Can Be Sold?
That does not mean that everybody can hope to sell any type of policy though. Investors look for certain requirements in order to make a deal.
Most investors want to purchase policies from senior citizens. It may seem sort of grim, but the fact is, they do not want to wait for 50 years to collect on their investment. That is why these transactions are called senior life settlements.
Investors want cash value policies like whole or universal life insurance. They do not want term policies that are likely to expire before they can collect the proceeds. Some term life policies are convertible to whole life, and these may also work.
How Much Money Can The Current Owner Hope To Get?
An investor will make an offer which is based upon many variables. Some variables will be the age and health of the insured person. Another factor will be the face value of the policy. Again, this does sound grim, but investors try to calculate how much they can profit off of the deal, and how quickly they can collect that profit. On the other hand, a policy owner could shop around for the best deal they can get.
Advantages Of Life Settlements
There are some very good reasons why a policy owner would want to sell their policy. Sometimes a company holds life insurance for an ex-employee who has retired or quit. This is a valuable asset, and they can sell it for a profit. Other times the insured person needs the money for their own use now. Selling the policy now will help out their family more than waiting for a future death benefit.
Disadvantages of Life Settlements
The biggest issue with selling the policy is that the beneficiaries will give up their rights to the proceeds from the policy after the insured person dies. It may seem like a bad deal to sell a million dollar policy for a few hundred thousand dollars. That is why it is a good practice to make sure that all parties are in agreement.
Since the investor will be likely to offer some percentage of the face value, they are accepting less money now. If a senior just wants to sell their policy because they cannot afford the premiums, they may find some better options. Some companies are willing to loan money to pay premiums in return for a percentage of the face value. That way the beneficiaries will still inherit some of the money.
Do Life Insurance Companies Like Life Settlements?
In general, insurers are not big fans of these arrangements. They would rather cash the policy in for a lower surrender value than pay out the larger death benefit. Of course, they would also rather that the owner just let the policy lapse so they will not be liable for a death benefit.
There is also the big problem with a concept called insurable interest. When an agent records the beneficiaries of a new policy, they must document the relationship of the beneficiaries. In other words, there must be a reason that the beneficiaries would be harmed by the death and have a right to collect the proceeds. So close relatives, domestic partners, or business associates are common beneficiaries of death benefits.
The other thing insurers consider is the wealth, or income potential, of the person being insured. It might be valid for a senior citizen, with a small income of social security payments, to purchase a small face value burial policy, but it would not be valid for them to purchase a new million dollar policy.
Are You Interested In Senior Life Settlements
You can learn more and find a senior life settlement broker who can help you.
Also learn more about the benefits of life settlements for some policy owners.
Saturday, November 26, 2011
We can provide a professional with a quote on your life insurance. These can apply to Selling Whole Life, Convertible Term or other plans.
Reasons To Transfer or Sell a Plan
There are many reasons why an insured no longer wants their endowment policy. High premuims may be overtaking the benefit they are getting on the whole life or a person just cannot offord them anymore. Having a real market where an investor will pay cash to take over the policy has helped thousands of people. We have helped people sell and transfer their life insurance for cash.
Quality of life is a factor for those looking to transfer a plan and other policies. As people grow older, they may wish to enjoy their later years and some have insurance policies that are worth money to other investors.
Past settlements and case studies can provide opportunities to sell their insurance for $100,000, $300,000 or much more. The higher the face value, the higher the possible settlement.
Sell Policy Quote
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Friday, September 30, 2011
Selling or transferring a life insurance policy for a cash settlement is a growing market designed to provide a solution for many life policyholders. Viatical or life option transfers are available to people who qualify. There are many reasons why someone may want to sell an insurance policy, get a quote or transfer it for a cash settlement.
Sell Life Policy Quote
Monday, September 19, 2011
There is a growing and active market for people looking to sell their life insurance policy for a cash settlement. Some have heard of these markets with terms such as life option settlement or viaticals. This market fills a need for people who no longer need their life insurance policy, no longer can afford it or who just want the cash to increase their quality of life.
Regardless of the reasons, we work with top buyers and companies for people looking at selling a policy or for individuals who are wondering how to sell an insurance issue.
Common Reasons To Sell
The life insurance is too expensive to maintain - This is a very common reason for people who hold whole life insurance, variable life, VUL or other permanent policy that has significant ongoing expenses and premiums.
Policy is no longer needed - Sometimes situations change and you may have enough term insurance perhaps or other type of life protection. If an insurance issue is no longer needed, than looking at selling the policy for a cash settlement can be the right choice.
Failing Health or Terminal Illness - Sometimes a large cash settlement now or viatical life settlement can bring more comfort and rewards to you and your family than waiting for a collection on a policy at death.
The minimum age that is usually needed is 55 years old. This can usually bring in the best cash money offer for people looking to sell a policy. When selling an issue, a buyer is normally looking for 55 years old or higher.
Visit: Selling Insurance
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Sunday, July 24, 2011
What is a Life Settlement?
A life settlement is the sale of a life insurance policy - to a 3rd party for an amount greater than the cash surrender value.
These transfer settlements allow the owner to obtain a cash payment while the new owner assumes the right to the policy.
Reasons to consider viatical life options or to sell a policy.
The life insurance policy is no longer needed or wanted
The premium payments have become unaffordable and they are considering surrender of the policy for cash value
Insured qualifies for a new life issue which is more affordable than old policy
The issue was taken out by a business to insure a key employee, and the business no longer needs the coverage it provides
The insurance policy is about to lapse
Change in estate planning and financial circumstances have changed and there is a need for cash now to cover a major purchase or improve
quality of life and change in life circumstances
There are many reasons why someone should explore the cash settlement option to transfer a policy. These transactions are done all of the time. We are an expert training company and life settlement advisors. We help customers and brokers.
The most suitable to consider transferring or selling their life policy for cash
Most of the time, the age group should be older policyholders and where the life insurance is worth $100,000 in face or more. In these cases, a sizable market may exist for someone to buy your issue and create a cash settlement option for you.
People are usually eligible to a lot more than any cash value the policy might have.
Life Option Case Studies - examples of viatical cash settlement amounts
A 75 year old man with term life insurance taken out many years ago was going to let the policy lapse. The insurance was no longer needed for the family protection it was originially intended for. Instead he sold the issue through a life option settlement and received $98,000 cash.
Sell Insurance Policy