Magna Life Settlements is just one of a number of top investment companies who purchase life insurance policies. Fulfilling our fiduciary responsibility, Living Hope Settlements will seek out multiple offers, looking for the best one on behalf of our clients. Magna has kindly given us permission to use some of their videos to help educate those we serve.
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 cannot afford the increasing payments.
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?
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.