Sell Your Life Insurance
One definition of a life settlement is: the selling of a prevailing life insurance plan to an investor for a one-time cash amount. The life assurance policyholder is provided with an amount that is more than the plan’s cash value, yet still less than the indemnity. After the coverage plan is sold, the purchasing party becomes the owner on the plan and naturally assumes responsibility for future premiums. The policyholder gets the sale price, and the investor gets the lump sum benefit when the insured becomes deceased.
In the state of ME., life settlements are governed by the Maine Bureau of Insurance, and you ought to check the official website to make sure you have found a properly licensed company. Q Capital is licensed as a life settlement provider in Maine.
After the policy owner decides that they are ready to move on from their current insurance policy, a life settlement offers a good alternative to lapsing the standing life insurance policy and relinquishing it to the life insurance company. In many cases, the value of the policy is higher than the total amount likely to be received if it were just lapsed back to the insurer. Choosing to work with an authorized company, the policy owner offers the policy up to a competitive market where investors are able to bid on insurance policies. At that point the sanctioned life settlement provider can manage the complete sales process, from receiving offers from investors, to coordinating with the policyholder to finalize the policy-sale closing procedure. And lastly, all sales are closed with an escrow agent, as an added layer of safety for the insurance policy seller. More often than not, the policy sale transaction can be wrapped up in 30 to 60 days dating from the initial inquiry.
Life settlement agreements are tricky and depend upon specific knowledge and experience to find just the right solution.
Don’t wait to start with a absolutely no obligation policy appraisement with our topflight partner!
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 several case histories of concrete results we have accomplished.
A 71 year old female owning a $3,000,000 life insurance policy. There was no cash value in the policy and our client’s next premium payment was set at $89,580. Her policy was bought 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 cost was going to drive the policy to lapse. We were able to recruit a purchase who compensated the trust $116,000 for the life insurance plan.
76 year old client in possession of a $700,000 life insurance plan. The owner of the policy was preparing to let the life insurance plan lapse because the plan was no longer needed. Our client’s financial adviser suggested that the man should seek a life settlement assessment and his plan was purchased for $140,000.
Viatical And LIfe Settlements Act
Understanding Life Settlements
Viatical And Life Settlement Providers
About Maine
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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