Life Settlement Companies
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Types of life settlement companies
There are 2 main types of life settlement companies; life settlement brokers and life settlement providers.
Life settlement brokers are state licensed professionals who represent life insurance policy holders in the life settlement process. Brokers must be licensed in the home state of the policy holder.
Life settlement brokers do not represent life settlement providers but rather represent the best interest of the policy owner and act on their behalf to negotiate the best offer in the life settlement process. For this service life settlement brokers routinely charge 30% commissions on the settlement offer.
Life settlement providers are state licensed companies that can purchase life insurance policies on the secondary market. Life settlement providers purchase policies for their own accounts or on behalf of institutional investors. Working directly with a life settlement provider can help you avoid broker commissions.
Life settlement transaction process
In a life settlement transaction the life insurance policy holder transfers ownership to the life settlement provider. The former policy holder is no longer responsible for the policy premiums and receives a cash payment that’s larger than the surrender value of the policy. The life settlement provider is now responsible for all expenses related to the policy.
At Mason Finance we aim to simplify the life settlement process with our life settlement estimate calculator and seamless application. After you apply we’ll take it from there matching you with life settlement providers that are licensed to purchase policies in your state.
With Mason Finance you won’t need an expensive life settlement broker. We use technology to make the process simple.
Do I qualify for a life settlement?
The easiest way to check your eligibility is using our life settlement calculator.
Age/Health: Most people that ultimately complete a life settlement transaction are 65+ years old or have a serious medical condition.
Policy Type: Universal and convertible term policies are great candidates for a life insurance settlement.
Policy Size: The existing policy should have at least $100,000 of face value.
Does a life settlement make sense?
Consider a life settlement when:
You can no longer afford the premiums. A life settlement is a great way to avoid letting your policy lapse if you can no longer afford the premiums. Letting your policy lapse can lead to little or no payout depending on the policy type.
You no longer need the policy. Another reason to engage in a life settlement is that you no longer have a spouse or children that would be dependent on the claim in the case of your death.
Your term policy is approaching it’s expiration date. Term policies typically expire with no cash value and expensive replacement costs. You may be able to convert your policy into permanent life insurance and then a life insurance settlement to get cash for the newly converted policy.
You are looking to supplement your retirement income. A life settlement allows you to supplement your retirement income so that you can stop penny pinching and really enjoy yourself.
Your are looking to cover unexpected expenses. Selling your life insurance can help you pay for any unexpected expenses you are facing which may include medical bills or long term care.
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