Many policy owners don't have to lapse unwanted policies - they might be able to sell them for cash
A life settlement may be a viable option for senior policy owners that no longer want their life insurance policies, or can no longer afford them. If eligible for a life settlement, the cash payment to the policy owner can be used to help fund a long term care policy, to help pay for day-to-day living and medical expenses, or for anything else they choose. An estimated 90% of all life insurance policies lapse before a death claim is paid. A life settlement, in many instances, may be a valid consideration.
General eligibility requirements:
Individuals ages 65+ and/or a life expectancy of 15 years or less
Life insurance policies with a death benefit amount of $100,000 or more
Term policies that are still within their conversion period, or permanent policies. For permanent policies, a life settlement payout may be greater than the policy's cash surrender value.
For several years we have recommended the services of Welcome Funds, Inc. - a life settlement broker. Since 2000, Welcome Funds has been assisting older Americans, and others facing life threatening illnesses, achieve financial freedom through a life settlement. They shop for the best bid among various "buyers" in the life settlement market .
To obtain a free appraisal, Welcome Funds needs two items - a completed pre-qualification form (see link to the right) and an inforce policy illustration that shows the cost of the policy to age 100. If the existing policy is a term plan, the carrier needs to provide a conversion quote.
Call Jeff at ext. 225 for more information. Let us help coordinate your client's information for the best life settlement options - we're happy to assist.