Myths About Life Settlements
Life settlements still aren’t common knowledge among the American populous. As a relatively new industry, there are many myths associated with the process and industry. Unfortunately, many of these misconceptions prevent some from learning more about a potentially beneficial financial service. With the right information, some people might find that a life settlement could provide a significant amount of money.
Life insurance policies were originally purchased as viaticals from AIDS and other terminally ill patients in the 1980’s and 1990’s. However, the majority of life settlements now involve healthy seniors. Purchasers do not require or even target ill insureds. Insureds need not be in poor health to have a life insurance policy qualify for a life settlement transaction.
Medical exams or in person health evaluations are not part of modern life settlements. While life settlements do involve an analysis of an insured’s health, this is accomplished by third party actuaries only reviewing medical records. The documentation is ordered by a life settlement broker and the policy seller has no burden in obtaining the records other than signing a release allowing for their request.
While cash value can accumulate in many policies, it is not necessary for a life settlement. In fact, a high cash value balance in a policy may make it undesirable. Buyers sometimes have trouble making offers sufficiently attractive to sellers when the cash surrender value of a policy is excessive. In other words, high cash values means the policies become too expensive in some cases. The most attractive policies to buyers are ones with little to no cash value.
While life settlements are still foreign to many Americans, the industry is growing in popularity and notoriety. Eliminating the confusion that exists in the marketplace will help seniors unlock the potential windfall many don’t realize they have in their own life insurance policies. The first step is to find a good life settlement broker to assist with the process and then evaluate the offers that are presented.
Learn more about a life settlement. Stop by the blog devoted to the secondary life insurance market, The Life Settlement Monitor.
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