Finally, after many years, the life insurance industry in Florida is being reined in. Many people who own and pay premiums for life insurance every month assume that, at some point, they may have to let their life insurance lapse. Some find they can no longer pay the premiums, which in the case of term insurance, skyrockets with advancing age. Others simply feel they no longer need a large life insurance policy because their children are grown. They’d prefer to spend their money for other more pressing needs—perhaps for healthcare, for example.
Life Settlements allow qualified Policy Owners to sell their life insurance policy in the secondary market, for far more than the policy’s existing cash value.
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Understanding your options as you consider how to sell your life insurance policy can be confusing. However, the most important first steps you can take in working through a life insurance policy settlement are qualifying and valuing your policy before you do anything. “Qualifying” is a matter of determining if your health, age and policy are likely to make you eligible for a life settlement. “Valuing” is the process of determining how much your policy is worth in the marketplace and, therefore, how much cash you can expect from the life settlement process.
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Under-performing policies can harm the performance of an irrevocable life insurance trust (ILITs). A Life Settlement can help balance your portfolio.
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National Association of Insurance Commissioners recommends Life Settlement as a safe option for paying for long term care without insurance. Learn More.
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FDIC recently said a reverse mortgage could be a risky choice. Consider reverse life insurance instead. Get cash now without putting your home at risk.
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A Life Settlement or Medicaid Life Settlement can help Seniors plan and budget for the ever-increasing costs of long term care – even Cruise Ship Care!
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Many Seniors opt for Long Term Care insurance policies, despite the high lapse rates. Qualified Seniors may find a Life Settlement better suites them.
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Saving for retirement is contingent on a number of things, and varies by age according to income levels and the relationships individuals have. According to the study workers at all ages and income levels are not be expected to devote much effort in addressing long-term savings needs.
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There are two methods for borrowing against your life insurance: borrowing from your life insurance company or borrowing from a life settlement through the secondary market for life insurance.
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There are essentially three options for when your term life insurance expires: renew, convert, or sell the policy in a life insurance settlement. However, you must take action now because all of these options entirely evaporate once the life insurance policy has lapsed or expired.
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