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wanted or affordable. The buyers are institutional investors that provide the policy owner with a lump sum cash payment. This secondary market for insurance contracts has evolved into an innovative, creative and efficient way to generate wealth.
When to consider a Life Settlement?
What can a Life Settlement do for your clients?
Who should consider a Life Settlement?
The best candidates are usually people age 65 and older with a medical condition and/or a change in health since the policy was issued. The insurance should have a minimum death benefit of $500,000 and be with companies rated “A” or better from Standard and Poor’s.
How does a Life Settlement work?
The owner of the policy and the insured complete a brief application, which includes authorization to obtain medical and insurance information. We then proceed to collect medical records, life expectancy reports and policy illustrations. The information is used to solicit offers from institutional buyers until a last, best offer is obtained.
Once the offer is accepted and closing documents are signed, the funds are deposited into an escrow account until the Change of Owner and Beneficiary are recorded by the insurance company. When the transfer is complete, the money is wired to the previous owner. The entire process normally takes about six to eight weeks.
With 10,000 baby boomers turning 65 every day, and healthcare, Long Term Care and daily expense costs on the rise, seniors are looking for ways to fund these vital needs. Life Settlements with existing policies may be the way to go to accomplish these objectives.
Here are few examples of how Life Settlements can help you meet these immediate and future needs.
With the proceeds the policy owner obtained a policy to cover the age 95.

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