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Life Settlement Insurance Quotes

Life Settlement is a financial contract granted by the owner of a life insurance policy to sell to a third party, which ideally would be worth more than the value offered by the life insurance company. The buyer becomes the new recipient of the policy at maturation and is liable for all resulting premium payments. Life settlements are transactions linked from the policy holder to the policy buyer, known as the life settlement provider.  

What Life Settlement Insurance Is Not

Life Settlements Insurance may not be the perfect solution for all life insurance policy holders. It is a significant improvement in the life insurance market whereby policy holders can gain the worth of their life insurance policies. However, many policies will have specific life expectancies such as a 2 to 20 year term, which may limit the eligibility and worth of a policy in comparison to accepting the values of a payout from an insurance carrier.

Who Needs Life Settlement Insurance?

Typically, life settlements are an alternative for high-net-worth policy holders that are age 65 or older. Among this age group, 1 out of 5 life insurance policies have a market value that exceeds the cash value offered by the insurance carrier.

There are some restrictions for Life Settlement Insurance: policies must have an estimated value of $50,000 or more. Any type of life insurance policy can be sold: universal life, whole life, term life, etc. However, one must take into account the value of the policy before attempting to sell a policy.

Things To Think About

Life Settlement brokers are intermediaries for policy holders who wish to sell a policy and providers looking to purchase them. Brokers will shop for a policy through multiple settlement providers, similar to a real estate broker. While the broker's duty is to collect bids, the financial adviser should help the client evaluate the bids. Policy holders should estimate their brokers compensation to determine if a life settlement broker will be beneficial to the client.

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