Sell Your Life Insurance
The common definition of a life settlement is the disposal of a prevailing insurance coverage to another party in exchange for an upfront purchase fee. The life insurance plan owner is paid an amount that is higher than the plan’s cash value, yet still less than the plan’s benefit at maturity. After the insurance coverage is given over, the purchasing party becomes the rightful beneficiary on the policy and also assumes responsibility for the ongoing premiums. The person selling their policy gets paid for the policy, while the person buying the policy becomes the possessor of the final payout once the insured person passes away.
In the state of PA., life settlements are governed through the Pennsylvania Insurance Department, and we recommend that you check the site to be very certain you have found a licensed company. Q Capital is a licensed life settlement provider in Pennsylvania.
When the policyholder decides that they want to give up their existing insurance policy, a life settlement may be an attractive option to ending the standing life insurance policy and relinquishing it back to the life insurance company. Much of the time, the value of the insurance policy is more than the total amount that would be received if it were lapsed. Making the decision to work with a sanctioned company, the owner offers the policy up to a competitive marketplace where investors can bid on life insurance policies. The accredited life settlement provider may direct the entire sales process, from soliciting bids from investors, to coordinating with the policyholder to finish the sale closing procedure. And finally, all policy sales are finalized with an escrow agent, as an additional layer of protection for the life insurance policy seller. Typically, the policy sale cycle can be completed within 30 to 60 days dating from the initial inquiry.
Life settlement agreements are intricate and necessitate specific knowledge and experience to help you find the right fit.
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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 very best in the life settlement industry. Here are a number of illustrations of what we have accomplished.
71 year old client in possession of a $3,000,000 life insurance policy. The plan had zero cash value in the policy and her next premium would have been $89,580. Her life insurance plan was bought for $435,000.
76 year-old man with a $1,002,592 policy. With only $2,592 remaining cash value in the life insurance policy, the monthly burdensome expense was going to cause the plan to lapse. We located a purchase who compensated the trust $116,000 for the policy.
A 76 year-old client having a $700,000 plan. The owner of the policy was making plans to let the plan lapse because it had become unnecessary. His financial advisor suggested that the man should seek out a life settlement assessment and his policy was acquired for $140,000.
Viatical Settlements Guide (PDF)
Pennsylvania Definitions
About Pennsylvania
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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