Sell Your Life Insurance

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

What in the world is a life settlement? Life settlements in a nutshell.

One definition of a life settlement is: the sale of a person’s life insurance policy to a third-party for an upfront purchase fee. The life insurance policy policyholder is given a payout that is well above the plan’s cash value, yet still less than the maturity benefit. After the life insurance is sold, the purchasing party becomes the legal beneficiary on the policy and will assume the obligations for future premiums. The person selling their policy gets the up-front payment, while the buying party becomes the possessor of the lump sum benefit when the insured eventually passes away.

In the state of OH., life settlements are controlled through the Ohio Department of Insurance, and we strongly recommend that you check the official site to make sure you have found an approved firm. Q Capital is licensed as a life settlement provider in the state of Ohio.

How does a life settlement work?

Once the policyholder decides that they are willing to give up the current insurance policy, a life settlement becomes an option to expiring the policy and surrendering it to the life insurance company. Much of the time, the policy value is greater than the total amount likely to be received if it were to be lapsed back. In choosing to work with a certified company, the policyholder makes the policy available to a interested marketplace where institutional investors bid on policies offered for sale. At which point the sanctioned life settlement provider can manage the complete sales process, from inviting offers from investors, to coordinating with the policy owner to finish the policy sale closing procedure. Finally, all insurance policy sales are finalized with an escrow agent, providing an extra level of protection for the life insurance policy seller. Often, the sale of a policy can be wrapped up in about thirty to sixty days dating from the initial request.

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Life settlement negotiations are involved and necessitate specific knowledge and experience to assess the options.

Start now with your no obligation policy appraisement through our topflight partner!

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Requirements for the Life Settlement Process

  • Ohio 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

Q Capital’s partners are the absolute top in the life settlement industry. Here are a handful of case histories of results we have accomplished.

  • A 71 year old female in possession of a $3,000,000 life insurance plan. The plan had zero cash value in the policy and the woman’s next premium would be $89,580. Her plan was bought for $435,000.

  • A 76 year-old male in possession of a $1,002,592 policy. With only $2,592 cash value in the life insurance plan, the monthly burdensome expense was going to cause the policy to lapse. We located a purchase who remunerated the trust $116,000 for the life insurance policy.

  • A 76 year-old client insured with a $700,000 plan. The insured was ready to let the life insurance plan lapse because it wasn’t needed anymore. The man’s financial adviser instructed him to seek out a life settlement evaluation and his policy was bought out for $140,000.

Other Ohio Resources and Information

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

Ohio Viatical Settlements Model Act
About Ohio
State Bar of Ohio

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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