Sell Your Life Insurance

Why surrender your insurance when you can gain the financial benefits of a life settlement in Connecticut?

Here’s a simple life settlement definition

One definition of a life settlement is: the selling of your insurance policy to an interested party for a one-time buyout. The life insurance plan policyholder is given a payout that is above the cash value, yet less than the plan’s benefit. After the life insurance policy is transferred, the buyer is now the legal owner on the plan and also will assume the duty for future payments. The policy seller receives the up-front payment, while the person making the purchase receives the final payout once the insured person does pass away.

In CT., life settlements are regulated through the State of Connecticut Insurance Department, and you ought to look at the regulator’s site to be very certain that you are working with an authorized firm. Q Capital is licensed as a life settlement provider in the state of Connecticut.

How does the process work?

After the policy owner decides that they are ready to relinquish the asset, a life settlement is an alternative option to expiring the standing life insurance policy and relinquishing it to the insurer. Often, the insurance policy value is greater than the amount to be received if it were just lapsed back to the insurer. Deciding to work with a certified company, the owner makes the policy available to a competitive market where established investors may bid on policies. The accredited life settlement provider may direct the complete sales process, from soliciting bids from potential investors, to collaborating with the policy owner to complete the policy sale closing procedure. And finally, sales are closed with an escrow agent, as an added layer of protection for the life insurance policy seller. Usually, the sales transaction procedure can be finished in about 30 to 60 days from initial request.

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Requirements for the Life Settlement Process

  • Connecticut Life Settlement Application – personal, life insurance, medical, and policy info.
  • HIPAA Authorization
  • Life Insurance Policy Information Release
  • Medical Records/APS – The insured(s) complete medical records fromt he past five (5) years.
  • In-Force Illustration – obtained from the issuing insurance company

Once the policy has been received with all of the required information, the life settlement process continues as follows:

  • Policy Verification
  • Purchase Procedure
  • Closing

Case Studies

Our partners are at the zenith in the life settlement industry. Here are a few case histories of concrete results we have delivered.

  • 71 year old female insured with a $3,000,000 plan. The insurance policy had zero cash value in the policy and her next premium was going to be $89,580. Her life insurance policy was procured for $435,000.
  • A 76 year old male with a $1,002,592 policy. With only $2,592 remaining value in the life insurance plan, the monthly outlay was going to drive the policy to lapse. We were able to recruit a buyer who remunerated the trust $116,000 for the life insurance plan.

  • A 76 year-old male insured with a $700,000 life insurance plan. The policy owner was ready to let the life insurance plan lapse because it had become unnecessary. The man’s adviser suggested that the man should search for a life settlement assessment and his plan was procured for $140,000.

Other Connecticut Resources and Information

Here are links to other sites that have legal, financial or other information relevant to the state of Connecticut:

Selling Your Life insurance
MEASURING THE PERFORMANCE OF THE SECONDARY MARKET FOR LIFE INSURANCE POLICIES (PDF)
14 Bizarre Facts You Never Knew About Connecticut

Forbes
LISA
Think Advisor
Business Wire

Helping people meet life’s challenges head-on.

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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