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).
1. YOU NO LONGER NEED THE COVERAGE
2. YOU CAN'T AFFORD THE COST OF INCREASING PAYMENTS AS YOU AGE
3. YOU HAVE BETTER THINGS YOU'D RATHER SPEND YOUR MONEY ON:
a. Paying off debt
b. Retirement Funding
d. Travel & Vacation
e. Family & Friends
f. Hobbies & Entertainment
g. New vehicle or RV
YOU NEED MONEY TO PAY FOR EXPERIMENTAL TREATMENTS AND DRUGS YOUR INSURANCE WON'T COVER, BUT YOU'RE HOPING THEY WILL SAVE YOUR LIFE
YOU NEED MONEY TO PAY FOR YOUR MEDICAL BILLS AND PRESCRIPTIONS. EVEN WITH GOOD INSURANCE, THE COST FOR CO-PAYS AND DEDUCTIBLES CAN BE OVERWHELMING
YOU BEEN TOLD YOU ARE TERMINAL AND ONLY HAVE A SHORT TIME TO LIVE. YOU NEED MONEY TO PAY FOR A FAMILY VACATION, WHERE YOU WOULD MAKE POSITIVE MEMORIES TO LAST FOREVER.
YOU DON'T WANT TO BE A BURDEN ON YOUR FAMILY. WHETHER IT'S HOME CARE, AN ADULT DAYCARE, AN ADULT FAMILY HOME, AN ASSISTED LIVING CENTER, OR A FULL NURSING CARE FACILITY, IT IS VERY EXPENSIVE.
YOU NEED MONEY TO PAY FOR ONE OF THESE SPECIALIZED FACILITIES THAT REQUIRE AROUND THE CLOCK CARE AND PROTECTION . THEY ARE MUCH MORE EXPENSIVE THAN A NORMAL LONG TERM CARE FACILITY.
YOU NEED MONEY TO HELP A FRIEND OR FAMILY MEMBER FOR HOUSING, A RELIABLE CAR, MEDICAL EXPENSES OR A PROJECT NEAR AND DEAR TO YOUR HEART THAT NEEDS MONEY SOON RATHER THAN LATER
Ellen was a 58 year-old woman with stage 4 bladder cancer. Her doctors had tried everything they knew to cure her, but ran out of traditional medical options. They told her she was terminal, with a short time to live. Ellen did some of her own research and learned of an experimental alternative medicine treatment that sounded promising. However, her health insurance wouldn't pay for it. One of her caregivers told her about life settlements, where she could sell her life insurance policy for cash. An investment group paid her $400,000 in exchange for her $500,000 term life policy. Her hope was renewed and she got the experimental treatment. That was two years ago and Ellen's cancer is still in remission.
John and Mary had just celebrated their 50th wedding anniversary. Shortly afterward, after some screening tests, Mary's doctor informed them that Mary had brain cancer. It was inoperable and terminal. Mary was still cognitive and able to walk. They hoped to be able to have one final family vacation. However, the nest egg they had was spent on medical bills. Their social worker learned of their situation and gave them the contact information for a life settlement company. They sold Mary's life insurance policy for enough money to fund a two month around the world trip as a long second honeymoon. They were also able to fly their family to a destination resort and made great memories that would last a lifetime. In their thank you letter to the life settlement broker, they wrote "you can't put a price tag on the value the life settlement meant to us."
Frank had endured surgery, radiation and chemotherapy to battle against his lung cancer. His doctors were optimistic and gave him a 5-7 year life expectancy. He and Peggy were pleased with the good news, but soon realized that paying the medical bills was going to drain their life savings. When he discovered the monthly cost of his $4,000,000 term life insurance policy was going to increase 500% to convert to a lifetime policy, he knew he couldn't afford to keep it. He was planning on just allowing it to lapse. The day he was leaving the hospital, the chaplain stopped in to say goodbye and learned of their financial situation. He told them that a life settlement could be a solution for them and gave them the contact card of a local life settlement broker. Frank was able to sell his policy for the best offer of $1,000,000 - an answer to their prayers!
Fred was a 80 year-old Alzheimer's patient at a memory care facility, where he had lived for two years. His family went through his small nest egg in the first year and were now taking money out of their retirement savings to pay the long term care bills. It produced a huge amount of emotional and financial stress upon the family. They had come to the point of wishing Fred would die. The new administrator of the facility became aware of their situation and told them maybe they should look into getting a life settlement. They found their Dad's life insurance policy he had had for years. They sold it for $250,000 and were able to realign their family interest where their hearts really were.
No matter how hard you worked or how much you saved, the sad reality of today’s economic landscape is that the rising cost of health care can quickly eat away at your retirement fund. Understand how a life settlement changed everything for Roger and Anne.
OUR DIRECTOR, STU SCHELL, SERVED AS A CRISIS CARE CHAPLAIN, A PASTOR AND WORKED AT SWEDISH-EDMONDS MEDICAL CENTER WHEN IT WAS STEVEN'S HOSPITAL. HE WORKS DIRECTLY WITH PATIENTS AND THEIR FAMILIES, FACILITY CAREGIVERS, ATTORNEYS, CPA's, FINANCIAL ADVISORS AND OTHER PROFESSIONALS.
Candidly, after working in the life insurance industry for 18 years, I have discovered the good, the bad and ugly about life insurance companies. Read the facts below and you will discover for yourself the main reason you haven't heard about living settlements. It's one of the bad and ugly "behind the scenes" actions of corporate executives motivated by greed.
FACT - 500,000 seniors allow $115 billion dollars worth of life insurance policies lapse each year.
FACT - Lapsed policies are great news for insurance companies. They don't have to pay the death benefits on those lapsed policies.
FACT - The main reason people don't know about selling their policies for cash is a lack of education. Do you think the life insurance companies want you to know these facts? The company executives keep their agents and customers in the dark about life settlements.
FACT - What does a person get, who has faithfully made their insurance payments for many years, when their policy lapses? Unless there is a small cash surrender value, they get absolutely nothing - $0 - a big fat zero!
FACT - 90% of seniors who were informed about life settlements indicated they would have considered a life settlement had they known about them before they allowed their policies to lapse.
FACT - Living Hope Settlements has launched an education campaign among cancer clinics, institutes and hospitals, with the goal of getting the good news of life settlements and the cash that patients potentially can get by selling their life insurance policies. This money will help meet their needs listed above as SPECIAL REASONS.
FACT - No policy can be sold without the approval of the insured, the owner and all beneficiaries. Living Hope Settlements works directly with caregivers, attorneys, CPA's, financial advisors and other professionals on behalf of the insured and their families.
FACT - The life settlement industry is 25 years old. For consumer protection, it is highly regulated by both the federal and state governments, with the Insurance Commissioner providing local oversight.
FACT - Living Hope Settlements is covered by a $1,000,000 errors and omissions insurance policy and only works with life settlement companies who have similar insurance policies in place to protect consumers.
Living Hope Settlements is an independent broker for our clients and their families , whom we serve at no cost to them. We do not work for any life insurance or life settlement company. We fulfill our fiduciary responsibilities by seeking multiple offers, looking for the best one on behalf of our clients.
Learn How Life Settlements Work by watching the video below.
Magna Life Settlements has given us permission to use some of their videos to help educate our clients.
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 and your medical records 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.