Sell Your Life Insurance
The definition of a life settlement is the selling of an existing life assurance to an interested person in exchange for an upfront agreed amount. The policy owner is provided with an amount that is more than the cash worth, but still less than the death benefit. Once the life insurance plan is transferred, the purchasing party becomes the beneficiary on the plan and also will assume all obligations for future premiums. The seller receives the agreed amount of money for the policy, and the person buying the policy takes possession of the death benefit when the insured party does pass away.
In the state of MI., life settlements are administered through the Michigan Department of Insurance and Financial Services, and we think it’s a good idea to check the site to assure that you are dealing with a licensed firm. No license is required for life settlement providers in Michigan.
Once the policyholder decides that they are ready to move on from their current insurance policy, a life settlement becomes an option to ending the life insurance policy and relinquishing it back to the insuring company. Many times, the insurance policy value is higher than the amount that would be received if it were simply lapsed back to the insurer. Working with an approved firm, the policyholder can take the policy to a interested marketplace where established investors can bid on policies. At which point the licensed life settlement provider can guide the entire sales process, from soliciting bids from various investors, to collaborating with the owner to finalize the policy-sale closing procedure. And lastly, all policy sales are finalized with an escrow agent, providing an added layer of protection for the life insurance policy seller. More often than not, the sale of a policy can be completed in 30 to 60 days from the initial inquiry.
Life settlement negotiations are complicated and can require extensive knowledge and experience to help you find the right fit.
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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 tops in the life settlement industry. Here are a handful of examples of results we have produced.
A 71 year old woman with a $3,000,000 policy. The plan had zero cash value in the policy and her next premium was going to be $89,580. Her policy was bought out for $435,000.
76 year-old male having a $1,002,592 policy. With only $2,592 value remaining in the life insurance policy, the monthly financial expense was going to drive the life insurance policy to lapse. We recruited a purchase who paid the trust $116,000 for the plan.
A 76 year-old client with a $700,000 policy. The insured was ready to let the life insurance plan lapse since the plan was no longer needed. Our client’s advisor instructed him to seek a life settlement evaluation and his plan was procured for $140,000.
Michigan.gov Consumer Counselor
Does Michigan Regulate Life Settlements?
About Michigan
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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