Sell Your Life Insurance
A simple definition of a life settlement is: the selling of a prevailing policy of insurance to someone else in exchange for an upfront cash amount. The life insurance owner is given a payment that is more than the policy’s cash value, yet less than the plan’s benefit at maturity. Once the coverage plan is sold, the buyer is now the owner on the policy and will assume the duty for the ongoing payments. The person selling their policy receives payment at the sale price, while the buyer takes possession of the lump sum benefit once the insured has passed.
In MD., life settlement policy are managed through the Maryland Insurance Administration, and you really should take a look at the official site to make absolutely sure that you are working with an authorized firm. Q Capital is licensed as a life settlement provider in the state of Maryland.
When the policy owner decides that they are ready to relinquish the insurance policy, a life settlement offers an option to concluding the standing policy and relinquishing it to the insuring company. In many cases, the policy value is more than the amount likely to be received if it were lapsed back the insurance company. Choosing to work with a certified firm, the policyholder makes the policy available to a interested marketplace where organized investors bid on policies offered for sale. The licensed life settlement provider can watch over the overall process, from soliciting offers from potential investors, to collaborating with the policyholder to finalize the policy-sale closing process. Lastly, all insurance policy sales are finalized with an escrow agent, providing an additional level of safety for the insurance policy seller. Typically, the sale of a policy can be finished within 30 to 60 days from initial request.
Life settlement negotiations are complicated and depends on extensive knowledge and expertise to find you the right fit.
Don’t wait to start with a no obligation plan appraisement from our topflight partner!
Once the policy has been received with all of the required information, the life settlement process continues as follows:
Q Capital Strategies’ partners are at the zenith in the life settlement industry. Here are a handful of examples of concrete results we have accomplished.
71 year old client with a $3,000,000 policy. The policy had no cash value in the policy and her next payment was going to be $89,580. Her life insurance policy was bought out for $435,000.
76 year old man insured with a $1,002,592 policy. With only $2,592 remaining cash value in the life insurance policy, the monthly cost was going to cause the policy to lapse. We were able to locate a purchase who compensated the trust $116,000 for the policy.
A 76 year-old client owning a $700,000 policy. The owner was preparing to let the life insurance policy lapse since it wasn’t needed anymore. The man’s financial adviser suggested that the man should seek out a life settlement assessment and his life insurance plan was bought for $140,000.
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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