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The Life Settlement Process

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.

Business Brokerage 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.

Contact information for the broker who fulfills your order (Fulfilling Broker) will be provided to User during the purchase process.

Forex Broker 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.

Contact information for the broker who fulfills your order (Fulfilling Broker) will be provided to User during the purchase process.

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

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Real Estate Broker 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.

The Department of Military and Veterans Affairs administers a variety of programs to assist veterans and their families. Viatical Settlements Viatical settlements refer to situations where an individual sells the benefits of their life insurance policy to a third party at a discount in order to get cash to pay for costly health care services. Viatical settlement companies may pay 60 percent of the face value of a policy to a person with a life expectancy of two years or less or as much as 80 percent to an individual with a life expectancy of six months or less. The industry generally uses the term "Viatical Settlement" ill insured and a "Life Settlement" to refer to a transaction involving an insured who is not terminally or chronically ill, generally over the age of 65.

Agency Brokerage Spark 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).

Settlement Options Choices available to the policyowner or the beneficiary of a term life insurance policy regarding the method by which the insurer will pay policy proceeds. Also known as optional modes of settlement. See also fixed amount option, fixed period option, interest option, joint and survivorship option, life income option, life income option with period certain, and life income option with refund.

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

Brokerage Account 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.

Stock Broker 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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