AimSettlements.com
Seniors are finding profit in old life
insurance with a life insurance settlement. Here is one of their stories.
Senior Find Relief with a Life Insurance
Settlement
What used to be a well kept secret is slowly
becoming common knowledge: A senior life insurance policy owner can sell
their life insurance policy for a sum that is generally 2 to 5 times greater
than the policies cash surrender value with a financial instrument know as a
life insurance settlement.
Bob S took out a universal life insurance
policy when he was 52. He took purchase the life insurance policy in the
event of an untimely death and he wanted assurance that the needs of his
family would be met. He was married, had 3 children and a mortgage. His goal
was to put his family in the position of being able to pay off college for
all three kids, pay off the mortgage and provide his wife with a modest
level of income.
As the years went by he managed to achieve all
of these goals and at the age of 72, he took a look at the policy and began
wondering if he should keep it going. The face value of the policy was
$1,000,000 and the annual premiums were at $29,000 a year.
He read a newspaper article that discussed how
he could actually sell his policy for a profit. He began to investigate and
learned that the first step was to complete a life insurance application.
This would give the life insurance settlement company with the permission,
or authorizations to pull his case together for the purposes of getting an
offer on his policy. His authorizations would allow the company to contact
his insurance carrier to obtain the necessary illustration and to contact
his doctor (s) to obtain his medical records. Once this was done, the life
settlement company would obtain a special report referred to as a life
expectancy report. With all of these documents the life settlement company
would frame his case and present to a long list of potential buyers. These
entities are also referred to as life insurance settlement funders and
providers.