First, a life settlement, or life insurance settlement, is when a life insurance policy owner sells his/her life insurance policy for a lump sum of cash. Typically a bank, investor, or hedgefund purchases these life insurance policies from individuals. Life settlement brokers typically bring together the life insurance policy, and the owner of the life insurance policy. Finding a reptubale life settlement company can come with some challenges. The reasons for this are numerous, however, we will guide you step by step on what procautions you should take before giving out your personal information over the internet.
You may be thinking, wow this sounds great, I have alot of life insurance. Keep in mind, most life settlements are done once you reach 75 years of age or older. In addition, the face value, many times, must be over $250,000 in value. The higher the face value in the life insurance policy, typically, the more money you will receive. You may be thinking, well I can just turn my life insurance policy in to the life insurance company for my cash surrender value. Sure you can, but many times, people like to get what something is worth, not fraction of what it is worth.
Also, you want to make sure that the life settlement company you are working with is licensed by the state to do life settlements. Each state has different requirements regarding life settlements. Many times you can ask for the life settlement company to furnish you with information regarding licensing. Not just anyone can help you sell your life insurance policy.
Now that you know the criteria, you first want to make sure after you find your life settlement company, you make sure they are accreditted with the Better Business Bureau, more importantly, make sure they have a good rating, a "B" rating or better is typically good. A life settlement can provide you with a large lump of sum of cash, here is an "A-" rated life settlement company.
