Sell Your Life Insurance

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

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

The common definition of a life settlement is: the sale of your life insurance to a third-party in exchange for a one-time cash buyout. The life policy policyholder is provided with a cash payout that is above the policy’s cash value, but still less than the indemnity. After the insurance policy is transferred, the purchasing party becomes the owner on the policy and naturally must assume responsibility for future repayments. The policy seller receives the agreed upon sales price, while the purchasing party gets the lump sum benefit when the insured becomes deceased.

In OK., life settlement policy are administered by the Oklahoma Insurance Department, and you should take a look at the regulator’s website to be certain that you are working with a sanctioned company. Q Capital is licensed as a life settlement provider in the state of Oklahoma through our sister company LSS.

How the process works.

When a policy owner takes the decision that they are ready to relinquish the existing insurance policy, a life settlement offers a good option to ceasing the standing policy and surrendering it to the insurance company. Many times, the value of the policy is more than the actual amount that would be received if it were lapsed. In choosing to work with a properly licensed company, the policy owner makes the policy available to a competitive marketplace where organized investors may bid on policies offered up for auction. Then the sanctioned life settlement provider will oversee the whole process, from soliciting bids from investors, to collaborating and working with the owner of the policy to finalize the policy sale closing process. And finally, all policy sales are closed with an escrow agent, providing an added layer of assurance for the life insurance policy seller. Many times, the policy sale cycle can be finished in 30 to 60 days from initial request.

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Life settlement transactions are complex and do require detailed knowledge and expertise to assess the options.

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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 Strategies’ partners are the very best in the life settlement industry. Here are a number of examples of results we have produced.

  • A 71 year-old client having a $3,000,000 life insurance policy. There was no cash value in the policy and her next premium would be $89,580. Her plan was bought out for $435,000.

  • 76 year old man insured with a $1,002,592 policy. With only $2,592 value remaining in the plan, the monthly financial burden was going to prompt the life insurance policy to lapse. We were able to recruit a purchase who remunerated the trust $116,000 for the plan.

  • A 76 year old male with a $700,000 life insurance policy. The insured was prepared to let the life insurance plan lapse because it had become unnecessary. His advisor recommended that he seek a life settlement evaluation and his life insurance policy was acquired for $140,000.

Other Oklahoma Resources and Information

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

OK Regulated Industry Page
OK Senate Ledger – Viatical Settlements Act
About Oklahoma

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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