Monday, 19 December 2011
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Getting a Life Insurance Settlement Appraisal
A life insurance settlement can be the right move financially, if you qualify. Qualifications for life settlements are set by the purchasers, since they are buying the policy, they typically have some general guidelines for qualification. First, they typically need you to be over the age of 65 years old. Second, the investors typically prefer that your life insurance policy be in excess of $50,000. Different buyers will have different criteria, however, this is generally what is accepted as standard in the industry. You may be wondering how much all this costs, in case you do meet the qualifications.
The good news is that there are many reputable companies out there that will appraise your policy for free. I found a company called http://www.elifesettlement.com who does these appraisals at no charge to the client. Typically, there are a multitude of costs associated with the pricing of a life insurance policy, as your medical records must be paid for, and shipped to the investor, along with policy illustrations. Companies that complete life settlements are typically licensed by the state you reside in, or their affiliated partners are. Many times, people just say, "I will just turn in my life insurance policy and collect the cash surrender value, this is typically not the best choice, as the insurance companies job is to make money if they do not pay your benefit, they will typically only give you a fraction of what you put into your policy.
With all of these points to keep in mind, and benefits of life settlements, it should come as no surprise that this market is growing so immensely. With the baby boomers reaching retirement age, now, more than ever, it is critical to make the right moves, to stretch out every asset you own to its furthest potential. Eliminating your monthly life insurance payments, and getting a lump sum of cash is really helping out many seniors deal with retirement with a volatile stock market. -
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