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What Is Reverse Life Insurance?

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What is reverse life insurance? All of the secondary market options such as viatical settlements, life settlements, retain-a-portion, and Medicaid life settlements are types of reverse life insurance

Reverse Life Insurance is sometimes referred to as Life Settlements, but in reality Reverse Life Insurance is much, much more. While Life Settlements allow certain qualified individuals to sell their life insurance policy in the secondary market for life insurance, Reverse Life Insurance also facilitates solutions that allow qualified Policy Owners to receive a cash advance against their life insurance policy (Life Insurance Advance), convert their life insurance policy into an FDIC-secured benefit account to pay for long-term care (Medicaid Life Settlement), or sell their life insurance to pay for treatments and expenses from chronic or terminal illnesses (Viatical Settlements). Reverse Life Insurance even helps qualified Policy Owners sell their Term Life Insurance policies with no cash value (Term Life Insurance Settlement).

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New Florida Life Insurance Law Affects Life Settlement Regulation

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Life Settlement Regulation - Governor Rick Scott signs Florida Life Insurance Law

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.

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Understanding Life Settlement Brokers and Life Settlement Providers

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You can choose life settlement brokers, life settlement providers, or you may choose to go direct.

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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