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Frequently Asked Questions • Why haven't I heard about life settlements before?
With people living longer and wanting more in their retirement, life settlements have gained popularity in recent years. They have become a viable alternative to realize immediate cash. • Is a life settlement a smart financial option for me?
Most life settlement candidates are people 65 years or older who have re-evaluated their need for a life insurance policy. Rather than continue paying expensive premiums for an unneeded policy, they convert it to cash funds to enjoy while they are living. • What is my policy worth?
Policy amounts and buyers differ, making it impossible to set a standard amount. However, you can generally expect to get a significant percentage of your policy’s value — well in excess of the surrender value. Our Polcy Calculator is a great tool to get you started with an estimate of what your policy may be worth. • What are the fees for a life settlement transaction?
As part of the application process, we will provide you with full and complete disclosure of the fees for our services. We don’t charge any up-front fees and don’t get paid until we sell your policy. • Will my privacy be protected?
Absolutely. Our privacy policy and advanced transaction procedures ensure that your identity is never revealed to anyone without your consent. • How long does it take to get the funds from my policy?
Funds are released from escrow within 72 hours of the buyer’s receipt of confirmation of change of ownership and beneficiary rights from the insurance company. • Who is going to buy my policy?
Life insurance policies are purchased by licensed life settlement provider companies who are interested in buying a variety of assets to balance their investment portfolios. • Who should consider a life settlement?
In general, life settlements are a smart idea for people 65 and over, who no longer need a life insurance policy to protect their children or assets or can no longer afford to pay expensive premiums. • What types of policies can be sold in a life settlement?
Universal Life, Whole Life, Variable Universal Life, Term and Convertible Term Life policies issued by U.S.-based insurance companies. Joint and second-to-die policies are eligible as well. • How much should the policy’s face value be?
Generally, a policy with a face value of $50,000 or higher may be eligible to convert into a life settlement. • Will I have to pay any premiums after my policy is sold?
No, once the policy is sold, you will have no future premium obligations whatsoever. • What if I want a life settlement, but still need or want life insurance?
This is an individual decision. Some people like to have some coverage after selling their policy in a life settlement. This is absolutely possible. We are happy to discuss your options, or you can consult your agent or financial advisor. • Can I sell my life insurance policy on my own?
Life settlements are complex legal and financial transactions. Compliance regulations continually change, further complicating matters. Professional assistance is necessary not only to navigate this market, but also to maximize the policy’s value in the marketplace and to locate an appropriate buyer quickly. • Wouldn't it be easier to return my policy for the surrender amount?
This can be a costly decision. Generally speaking, the surrender amount on your policy is a fraction of what we can sell it for in a life settlement. Why cheat yourself of money you deserve? • Will I owe taxes on the money I receive?
Typically, the money you receive in a life settlement will be tax-free up to the original policy’s tax basis. This represents a powerful financial benefit! However, you must contact your own tax professional or CPA for specific advice concerning your individual situation as we do not provide either tax or legal advice. • Do I qualify for a life settlement if I have a terminal or catastrophic illness?
Yes, terminally ill individuals are typically well-qualified for life settlements (also known as"viatical settlements"). We have been very successful in obtaining outstanding results for individuals fighting terminal illness. • Are there restrictions on how I can use the proceeds?
Unlike other financial options for seniors, there are no restrictions on how the proceeds from a life settlement can be used. • How am I protected?
There are no out of pocket costs when you work with and you have no obligation to sell your policy or to accept any offer. A third party escrow company is used in every transaction and we work with only the most reputable licensed companies in the industry. • Am I allowed to change my mind?
In most states you have 15 days (in some states up to 30 days) after the receipt of the money from the buyer to change your mind. • Is a life settlement legal?
Yes. According to a U.S. Supreme Court ruling stretching back almost a century, a life insurance policy is considered your personal property. Like any other property, you can sell it, trade it, or give it away. Your insurance company generally has no right to block or question your assignment of the policy rights. • Should I work with more than one broker?
To maximize your policy’s value, it’s always best to work with only one broker since buyers tend to avoid policies that they have received from multiple brokers.
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