Sell Your Life Insurance
One definition of a life settlement is: the disposal of a person’s coverage to someone for an upfront buyout. The coverage plan owner is provided with a cash payout that is higher than the cash value, yet still less than the indemnity. Once the coverage is turned over, the purchasing party becomes the rightful beneficiary on the plan and also will assume the duty for future costs. The policyholder receives the up-front payment, and the buying party gets the lump sum benefit when the insured person eventually passes away.
In IN., life settlement policy are regulated through the Indiana Department of Insurance, and we believe it’s best to check the site to be very certain that you are working with a licensed company. Q Capital is a licensed life settlement provider in the state of Indiana.
Once a policyholder decides that it doesn’t make financial sense to own the current insurance policy, a life settlement offers an attractive option to discontinuing the standing policy and surrendering it back to the life insurance company. Oftentimes, the policy value is higher than the actual amount likely to be received if it were simply lapsed. Making the decision to work with an approved company, the policy owner offers the policy up to a interested marketplace where investors may bid on policies offered for sale. At that point the accredited life settlement provider can watch over the entire sales process, from soliciting offers from potential investors, to coordinating with the owner to finish the policy sale closing process. Finally, all sales are closed with an escrow agent, providing an additional level of assurance for the insurance policy seller. Many times, the sales transaction procedure can be completed in about 30 to 60 days from initial inquiry.
Life settlement agreements are intricate and depends on extensive knowledge and experience to find and evaluate a solution.
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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’s partners are the absolute best in the life settlement industry. Here are a few case histories of concrete results we have produced.
A 71 year old woman owning a $3,000,000 plan. The policy had no cash value in the policy and her next payment was scheduled as $89,580. Her policy was purchased for $435,000.
A 76 year-old male insured on a $1,002,592 policy. With only $2,592 remaining value in the life insurance policy, the monthly associated cost was going to prompt the plan to lapse. We were able to locate a buyer who paid the trust $116,000 for the plan.
A 76 year-old man with a $700,000 plan. The owner of the plan was making plans to let the policy lapse since it was no longer needed. Our client’s adviser recommended that he seek a life settlement evaluation and his life insurance policy was bought for $140,000.
Viaticals Settlements Licensing
Viatical Settlements Model Act PDF
About Indiana
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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