Sell Your Life Insurance
One definition of a life settlement is the selling of a prevailing life policy to an interested person in exchange for a one-time payment. The coverage plan owner is paid a payout that is greater than the plan’s cash value, yet less than the indemnity. After the life policy is handed over, the purchasing party becomes the legal owner on the plan and also must assume all obligations for future costs. The seller receives the agreed amount of money for the policy, while the purchasing party officially receives the final payout once the insured party does pass away.
In LA., life settlement policy are controlled through the Louisiana Department of Insurance, and it’s a good idea to check the site to make sure you deal with a licensed firm. Q Capital is a licensed life settlement provider in the great state of Louisiana.
Once the policy owner decides that it no longer makes sense to own the current policy, a life settlement may be an attractive option to lapsing the life insurance policy and surrendering it back to the life insurance company. In many cases, the policy value is more than the actual amount likely to be received if it were suddenly lapsed back to the insurer. Deciding to work with a certified company, the policyholder makes the policy available to a competitive market where institutional investors are able to bid on policies offered up for auction. At which point the accredited life settlement provider may direct the overall process, from receiving offers from investors, to collaborating with the policyholder to finish the policy-sale closing procedure. And lastly, all policy sales are closed with an escrow agent, as an extra level of protection for the life insurance policy seller. Typically, the policy sale cycle can be finished in about 30 to 60 days from initial request.
Life settlement deals are perplexing and often require specific knowledge and expertise to assess the options.
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Once the policy has been received with all of the required information, the life settlement process continues as follows:
Q Capital Strategies’ partners are the absolute top in the life settlement industry. Here are several case histories of what we have delivered.
A 71 year-old client insured with a $3,000,000 policy. The plan had no cash value in the policy and the woman’s next premium payment was $89,580. Her plan was bought for $435,000.
76 year-old male insured with a $1,002,592 policy. With only $2,592 cash value in the policy, the monthly associated cost was going to cause the life insurance policy to lapse. We were able to find a purchase who remunerated the trust $116,000 for the life insurance plan.
A 76 year-old man with a $700,000 plan. The owner of the plan was fully ready to let the life insurance plan lapse because it was no longer needed. The man’s financial adviser suggested that the man should search for a life settlement assessment and his life insurance policy was purchased for $140,000.
Tell us a little about your situation and we’ll help you assess whether a life settlement is right for you.
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