Life Settlements
What are Life Settlements?
A life settlement is an agreement made between the owner of a life insurance policy and a buyer (usually a life settlement company that specializes in doing so for investment purposes).
Why would someone want to sell their life insurance policy?
COMMON REASONS:
1. you no longer need the coverage
2. you cannot afford the increasing payments.
SPECIAL REASONS:
- you need money to pay for medical treatment your insurance won't cover
- you need the money to pay medical bills or long term care expenses
- your doctor tells you that you are terminal and have a limited time left to live. You need money to pay for a final family trip together or other items on your "bucket list"
- you would like to help out a friend or family member who has a special need
most people don't know the facts
50 million seniors allow $115 billion dollars worth of life insurance policies lapse each year. That's great news for insurance companies who won't have to pay the death benefits on those lapsed policies.
What does a person, who has faithfully made their insurance payments for many years, get when their policy lapses? Unless there is a small cash surrender value, they get absolutely nothing - $0 - a big fat zero!
The main reason people don't know about selling their policies for cash is a lack of advertising. Do you think the life insurance companies want you to know these facts?
How much can the policies be sold for?
That depends on many factors such as the death benefit amount, the type of policy and the health of the insured. Living Hope Settlements works only with the top ranked life settlement providers, who will evaluate your policy to determine its worth and then make you a cash offer that you can accept or reject. Not all policies can be sold for cash, but many can. People have been paid as much as 80% of the death benefit on some policies.