AIA Chiangmai

With a life insurance settlement, seniors now have the ability to receive a payout larger than their cash surrender value. Life insurance companies have always had the advantage by offering a low cash surrender payout for unwanted or unneeded life insurance policies. Now however, senior consumers are using a life settlement to receive a large lump payout for their insurance policy.

A life insurance settlement, (also referred to as a senior life settlement or life settlement) is a financial transaction in which a senior citizen possessing an unneeded or unwanted life insurance policy sells the policy to a third party, as opposed to surrendering or lapsing it back to the life insurance company. The seller receives immediate cash for the policy from the purchaser. The purchaser becomes the new beneficiary of the policy at maturation and is responsible for all premium payments from the time of the purchase until the seller passes away.

For senior citizens to receive an estimate on the amount available to them, they simply need to sign a release and provide information about the policy, there is no need for a physical or medical visit. “The life settlement process is a very simply process,” says Grant Shellhammer of Life Settlement Pro, “Once
the necessary documents are received we can provide an estimate of the settlement amount, there is never any obligation or cost to the client.” With life insurance policies being surrendered and lapsed on a daily basis, it is important for consumers to understand how beneficial a life settlement can be.

There is no standard amount available through a life settlement and every individual case is different. The industry has seen anywhere from 2-10 times the case surrender value available through a life settlement. Many seniors are not aware that there is potentially a lot more value in their policies.

The education and availability of life settlements could also be blamed on the agents and financial professionals. They have a duty to provide their clients with the best options and recommendations. By letting a policy lapse or surrender without seeing if a life settlement is available is not servicing your clients correctly. “We gladly work with agents and financial professionals across the nation to help them assist their client with life settlements,” stated Grant Shellhammer.

No longer should you just settle for a cash surrender payout; find out if a life insurance settlement can pay you more.

Grant Shellhammer is located in sunny Orlando, FL. He is a licensed insurance agent and affliate Life Settlement Broker with Life Settlement Pro. He works with senior citizens and financial professionals nationwide to receive the highest available offers for their life insurance policies.

Contact details:
grant@lifesettlementpro.com
1.888.973.8377
http://www.lifesettlementpro.com

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Life Settlements, also commonly referred to, as Life Insurance Settlements are quickly becoming an exciting financial planning tool for seniors and the financial advisors who assist these seniors.

The initial process before determining if a settlement is available is meeting a few of the basic requirements. The types of insurance policies that can be considered for a life settlement are universal life, whole life, variable life, survivorship (any type), adjustable life, joint first to die, and term insurance (if convertible). It is also common practice for the insured to be over the age of 65.

The process begins with when the individual policyholder “cases” are submitted to a Life Settlement Broker or Company through a completed application and a HIPPA release form.

Policyholders will provide a current policy illustration, medical records, for the insured, as well as other documents that may be requested.

After a completed thorough evaluation of the policy, a potential life settlement value is determined for each individual case submitted. This evaluation includes a review of submitted medical records by an independent medical underwrite. A medical exam or physical is NOT required.

If the funding source is interested in purchasing the policy, an offer to purchase the policy is communicated to the policyholder’s broker or financial advisor (Not all policies will qualify for a life settlement).

If the offer is accepted, closing documents are prepared and sent to the policy owner through their life settlement professional.

It is the policyholders chose if the want to accept or decline the offer. There is never any cost or obligation during the initial life settlement process. The settlement offer is determined on a case-by-case basis and evaluation of the policy is required before an offer can be made.

Life Settlement Pro is a Life Settlement Broker and provides detailed information about life insurance settlements, life settlements, senior life settlements, licensed Life Settlement Company and more. LifeSettlementPro.com offers free Life Settlement Evaluations.

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The cost of life insurance has changed drastically. The coupling of longer life expectancies and lower morbidity tables has resulted in some of the lowest premiums in recent history. It is a fact that seniors are living longer, and insurance costs have been adjusted accordingly. What this means is that many current life insurance polices have become inefficient or outdated when compared to new issues that could be providing larger benefits with less premium. Life settlements are becoming increasing popular as a exit strategy for seniors looking to shift or lapse their coverage.

Life settlements are the transfer of ownership, beneficiary, and all future premium to a third party investor in exchange for a cash settlement. This system provides more that the cash surrender value of whole and universal life policies, but functions no differently than a 1035 exchange. For the seller, the only difference they experience is a much higher dollar amount for ending the coverage. One really exciting prospect with a life settlement is the ability to receive a settlement for a term policy that is going to be lapsed or ended. Term life insurance, normally though of to have no cash value, can be sold for a substantial percentage of the face amount, instead of lapsing the coverage for a total loss.

Most people who are hesitant to look into a life settlement are concerned about the impact on their inheritance. Most people who buy life insurance have other family members or interests in mind while they struggle with the overbearing cost of large life insurance policy. However, the new ease of being reissued a much more manageable policy that will still cover their beneficiaries’ interests, and the possibility of receiving a substantial dollar amount on their current policy to use in enriching their own lives, is why the life settlement industry has doubled in the last three years. Trinity Financial Services can provide more information on how the Life Settlement process works and evaluate on your current insurance situation.

Please contact Troy Kimmel at 1-888-973-8377 or web@trinityfinancialllc.com. Troy is a life settlement broker as well as a licensed insurance agent. He can provide life settlement quotes for both consumers and insurance agents and financial professionals. For more information. Please visit http://www.trinityfinancialllc.com.

Tags: financial, insurance, life insurance settlement, life settlement, senior, senior life settlementfinancial, insurance, life insurance settlement, life settlement, senior, senior life settlement

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