life insurance settlements

 

life insurance settlements occur when the owner of a life insurance policy decides to sell his or her policy for cash. 

 

The buyer, an investor or a financial institution, after buying a policy, provides benefits for both themselves and the policy holder.

 

Benefits for the policy holder include the fact that he or she no longer has to pay the premiums because the buyer takes this responsibility.  Secondly, this expense can sometimes become too expensive and thus by selling, the policy holder ends these payments.

 

Benefits for the buyer include receiving the death benefits after the policy holder dies.

 

Two kinds of life insurance settlements:

 

1.  Life Settlements are for policy holders over 65 who are not terminally ill and have decided that they do not want or need the policy anymore or the policy is becoming too expensive and they don't have the income to pay for the premiums.

2.  Viatical settlements are for those who are terminally ill.

 

The sale price is determined by the fair market value of the policy.  Here is an article on fair market value: http://www.calbrokermag.com/Magazine/story/april/LifeSettlements-Mountain.htm.  

 

Companies who will buy your policy:

http://www.ideal.bz/

 

http://www.life-insurance-settlement.com/life-insurance-settlement.html

 

http://www.viaticalsettlementsinc.com/SiteResources/Data/Templates/homepage.asp?DocID=514

 

Check out a company with the Better Business Bureau before you do business with them:  http://search.bbb.org/search.html.

 

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