Sell Your Life Insurance

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

What is a Life Settlement?

A life settlement describes the selling of an already existing insurance coverage to a 3rd party for an one-time money repayment. The settlement is greater than the abandonment value, but less than the actual death benefit. After the sale, the buyer then becomes the plan’s beneficiary and assumes monthly payment of its premiums. By doing so, he or she gets the death benefit when the insured passes away.

How does it Work?

When an insured individual can no longer manage their insurance coverage, they can offer it for a certain amount of cash to a buyer — normally an institutional financier. The cash settlement is primarily tax-free for most plan owners. The insured person essentially transfers possession of the policy to the financier. As we noted above, the insured obtains a cash money repayment in exchange for the policy — more than the abandonment worth, yet much less than the plan’s prescribed payment at maturity. By selling it, the guaranteed individual transfers every element of the policy to the new proprietor. This implies the financier that takes over the policy and ends up being responsible for premium repayments. Once the insured party passes, the new policy owner receives the payout.

Let Us Help You Achieve Your Financial Goals

Life settlement transactions are intricate and do require extensive knowledge and expertise to find just the right solution.

Get started today with a NO OBLIGATION policy evaluation from our premier industry partner!

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Requirements for the Life Settlement Process

  • A 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

Our partners are the best in the life settlement industry, Here are a few examples of what we have achieved.

  • 71 year-old female with a $3,000,000 policy. There was no cash value in the policy and her next premium was going to be $89,580. Her policy was purchased for $435,000.
  • 76 year-old male insured on a $1,002,592 policy. With only $2,592 cash value in the policy, the monthly cost was going to cause the policy to lapse. We found a buyer who paid the trust $116,000 for the policy.
  • 76 year-old male with a $700,000 policy. The  policy owner was prepared to let the policy lapse because it was no longer needed. His financial advisor instructed him to seek a life settlement evaluation and his policy was purchased for $140,000.

Other South Dakota Resources and Information

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

SD Legislature Rules
About South Dakota
State Bar of South Dakota

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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