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concept of the life settlement is something that most people are not all that familiar with and understandably so. You undoubtedly have questions about it [link widoczny dla zalogowanych], so let’s take a look at some common ones and their answers.
What is a Life Settlement?
It is the act of selling your life insurance policy to a third party in exchange for a lump sum payment. There is no fixed price and everything is down to negotiations between your representative and the investors.
What Is The Biggest Factor In Sales?
The biggest factor in determining both whether the policy can be sold and for how much is the age of the insured. The insured is the person the policy is based on. The older they are [link widoczny dla zalogowanych], the better. Most policies can’t be sold unless the insured is well into their 60s. In fact, the older [link widoczny dla zalogowanych], the better.
I Thought Health Mattered?
It does. Those older people with health problems are likely to get a much higher price for their policies. Still, seniors in great shape can sell as well without any problems.
Do I Have To Be On Death’s Door?
No. You are thinking of “viaticals”. Viatical settlements are the sale of a policy when a person is terminally ill or near it and needs to raise cash to pay for treatments and the like. Life settlements do not require you to be in any such condition.
Are There Fees?
Yes. You will hire an independent representative to negotiate the sale so you don’t get worked over by investors. You will need to pay your representatives. The payment is usually made from the proceeds of the sale. The exact amount is entirely negotiable.
Do I Have To Keep Paying Premiums?
No. The investors take over payment and you are relieved of any duty to make them.
The life settlement process is a fairly complex financial transaction. There are a number of factors you need understand and consider. All and all, however, it is a tremendous way to turn a non-liquid asset into money you can use. Make sure to speak with a life settlement professional to learn more.
Thomas Ajava writes for LifeInsuranceLIfeSettlment.com - your online resource for independent life insurance life settlement representatives.