A Life Settlement is the sale of a life insurance policy to a third party for cash. In exchange for the cash, the new owner acquire all rights the policy, including the death benefit.
The ideal candidate for a Life Settlement is a person 70 or older, with underlying health conditions, and with a policy face amount of $100,000 or more. However, healthy individuals are good candidates, as well. Importantly, Life Settlement are for those who find their life insurance policy is no longer needed or find a policy is no longer unaffordable. Life Settlement is for those who want the most cash from a life insurance policy they would otherwise surrender, anyway.
The proceeds from a Life Settlement must be greater than the cash value of the policy, but less than the face amount (death benefit).
There are no restrictions on how you use the money from a Life Settlement. Your personal situation determines how you will use the funds, whether it's retirement planning, health care expenses, debt reduction or family concerns.
LifeQuest Financial & Insurance Services has been an active Life Settlement Broker since 2019. We work on behalf of the policy owner and have a fiduciary duty to serve their best interest. We guide you through the process, research the market and engage investors to compete for the purchase, all with the goal of putting more cash in your pocket. We also have a duty to advise you when a Life Settlement is not appropriate.
LifeQuest Financial & Insurance Services is here to serve you. Please contact us to discuss the viability of a Life Settlement. We will discuss the details and educate you on the process. Don't surrender a policy to the carrier without knowing what your policy is worth through a Life Settlement.
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