Life Settlements FAQ:
How much will I get for my policy?
Cash settlements are based on the policy seller’s age, health, and other factors, but a life settlement will always be more than the cash surrender value and less than the policy face amount. Settlements range, on average, from 3-7 times the cash surrender value.
What are the qualifying factors?
The minimum age requirement is 65. The typical life settlement transaction involves a senior in his/her late 70s with a life expectancy of 12 years or less. However, depending on the type of policy and the annual premium payments, some funders will purchase policies from insureds with longer life expectancies.
Is the Life Settlement Industry Regulated?
Yes. 90% of the U. S. population now falls under the protection of life settlement regulations in 42 states. Asset Life Settlements is authorized to represent policy sellers in 44 states.
How long does the life settlement application process take?
The process can take 90-120 days, depending on the intricacies of the case before a life settlement case is completed and the seller receives their proceeds or cash settlement.
What types of policies qualify?
Most policies sold in the secondary market for life insurance are Permanent life insurance policies, such as: (1) Universal Life (UL); (2) Joint Survivorship Universal Life (SUL); (3) Term Policies Still Convertible to Universal Life without any additional underwriting requirements by the life insurance carriers.
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