Seniors Find Relief With A Life Insurance Settlement
What used to be a well kept secret is slowly becoming common knowledge: A senior life insurance policy owner can sell their life insurance policy for a sum that is generally 2 to 5 times greater than the policies cash surrender value with a financial instrument know as a life insurance settlement.
Bob S took out a universal life insurance policy when he was 52. He took purchase the life insurance policy in the event of an untimely death and he wanted assurance that the needs of his family would be met. He was married, had 3 children and a mortgage. His goal was to put his family in the position of being able to pay off college for all three kids, pay off the mortgage and provide his wife with a modest level of income.
As the years went by he managed to achieve all of these goals and at the age of 72, he took a look at the policy and began wondering if he should keep it going. The face value of the policy was $1,000,000 and the annual premiums were at $29,000 a year.
He read a newspaper article that discussed how he could actually sell his policy for a profit. He began to investigate and learned that the first step was to complete a life insurance application. This would give the life insurance settlement company with the permission, or authorizations to pull his case together for the purposes of getting an offer on his policy. His authorizations would allow the company to contact his insurance carrier to obtain the necessary illustration and to contact his doctor (s) to obtain his medical records. Once this was done, the life settlement company would obtain a special report referred to as a life expectancy report. With all of these documents the life settlement company would frame his case and present to a long list of potential buyers. These entities are also referred to as life insurance settlement funders and providers.
After approximately 35 days, he was contacted with an offer for his policy. Several days later other offers started to come in. He eventually accepted and offer for $260,000. There are several factors to determine if you might be eligible for a <p><a href="http://www.aimsettlements.com/">Life Insurance Settlement</a></p>, which are discussed in detail at aimsettlemens.com
About the Author:
Jim Wolf is president of AIM Life Settlements and an expert in the life insurance settlement industry. For more information go to
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