Do you want to sell your insurance policy? Then you want to consider some points before selling it.
Know what is a piratical and a life settlement
A piratical settlement is known as life insurance policy with a "living benefit rider". It specifically includes an insurer with terminal illness who wants to sell the life insurance policy he has for immediate cash and necessitates the money for treatment. The seller should have a life expectancy of five years or less. Often, life settlements involve seniors or high-net-worth insurers of 65 years old or more. But they should not suffer from gravely ill though they may have impaired health. A life settlement in fact means the sale of an existing life insurance policy for more than its cash surrender value but less than the benefit of net death.
Know what is a piratical and a life settlement
A piratical settlement is known as life insurance policy with a "living benefit rider". It specifically includes an insurer with terminal illness who wants to sell the life insurance policy he has for immediate cash and necessitates the money for treatment. The seller should have a life expectancy of five years or less. Often, life settlements involve seniors or high-net-worth insurers of 65 years old or more. But they should not suffer from gravely ill though they may have impaired health. A life settlement in fact means the sale of an existing life insurance policy for more than its cash surrender value but less than the benefit of net death.
What type of life insurance is eligible for life settlement?
There are so many types of policies like: term life, whole life , universal and key man policy and survivor ship life policies. The mostly selling policy is convertible term life and universal life. The face amounts of this kind of policy must be $250,000 or more. A group life insurance policy holder can also convert the group policy to an individual policy to make it smellable.
Calculate the amount you expect to get for your policy
A life settlement company evaluates every policy individually. Its offer will be computer based on the type of policy you have, your life expectancy, required premiums to keep it in force, policy face value, and the rating of the insurer that issued the policy. If you have policy of cash value, you are sure to receive more than the cash surrender value with the help of life settlement contract.
