Sell Your Life Insurance

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

A Quick Explanation of Life Settlements

A simple definition of a life settlement is the disposal of an existing insurance policy to someone in exchange for a one-time cash amount. The insurance policy policyholder is given a payment that is more than the cash worth, yet still less than the policy’s benefit at maturity. Once the life insurance plan is turned over, the investor is now the new beneficiary on the plan and naturally will assume the duty for ongoing payments. The person selling their policy gets paid for the policy, while the buyer becomes the possessor of the lump-sum payout when the insured party passes.

In RI., life settlements are controlled under the auspices of the Rhode Island Division Of Insurance Regulation, and we strongly recommend that you check the official website to make sure you are dealing with a sanctioned firm. Q Capital is licensed as a life settlement provider in the state of Rhode Island.

Briefly, How It Works

When a policyholder decides that it no longer makes sense to own the current policy, a life settlement offers a good alternative to ceasing the standing life insurance policy and surrendering it to the life insurance company. Often, the value of the insurance policy is greater than the amount likely to be received if it were just surrendered. Working with a licensed firm, the policyholder offers the policy up to a interested market where institutional investors may bid on policies. At which point the accredited life settlement provider may direct the whole sales process, from soliciting bids from various investors, to coordinating with the owner of the policy to finish the policy sale closing procedure. And lastly, all sales are closed with an escrow agent, as an extra level of safety for the insurance policy seller. More often than not, the sales transaction procedure can be wrapped up within 30 to 60 days from the initial request.

We Can Help You To Achieve Your Financial Goals

Life settlement transactions are complex and often require extensive knowledge and expertise to help you find the right fit.

Don’t wait to start with a absolutely no obligation policy assessment through our premier partner!

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Requirements for the Life Settlement Process

  • Rhode Island 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 absolute best in the life settlement industry. Here are a handful of illustrations of what we have achieved.

  • A 71 year old woman insured with a $3,000,000 policy. There was no cash value in the policy and our client’s next payment was $89,580. Her life insurance plan was procured 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 drive the life insurance plan to lapse. We were able to locate a buyer who remunerated the trust $116,000 for the life insurance policy.

  • A 76 year-old male having a $700,000 plan. The owner of the policy was ready to let the life insurance policy lapse because it was no longer needed. His adviser recommended that he seek a life settlement evaluation and his life insurance policy was acquired for $140,000.

Other Rhode Island Resources and Information

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

Rhode Island Dept Of Business Regulation
RI Life Settlements Rules (PDF)
About Rhode Island

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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