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Selling Insurance Policy Can Give You The Money You Need Now

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Title: Selling Insurance Policy Can Give You The Money You Need Now


1
Selling Insurance Policy Can Give You The Money
You Need Now
2
  • Selling insurance policy is becoming a popular
    option for people of or nearing retirement age,
    whose debts and other obligations have all been
    paid off. There are several reasons you might
    want to cash in on your life insurance policy.
    You may want to travel, start a business, or set
    it aside for medical care.
  • For retired people who don't want further
    insurance life policy selling may be more
    profitable. But this is a relatively new trade,
    and the industry is not heavily regulated. It's
    important to know how settlements work, what to
    expect, and what to watch out for before selling.

3
  • How it works
  • Most life insurance policies are sold to
    third-party investors. The buyer evaluates the
    policy according to its face value and the
    policyholder's health. Life settlements usually
    set a minimum face value for the policy, which
    may be anywhere from 100,000 to 250,000. People
    selling insurance policy also have to be over 65
    and in good health. Basically, your buyer needs
    assurance that you will live for the next 20 or
    so years. The longer you're likely to live, the
    more your buyer will get from the settlement.

4
  • After selling insurance policy, your investor
    becomes its beneficiary. They will pay all the
    future premiums and get all the death benefits
    when the holder dies. This also means that they
    take on the risks carried by your policy. Your
    provider might close down, or you may die before
    the projected date. To compensate, they will only
    pay pay a small part of your policy's face value.
    They may also check on you periodically by
    sending you postcards, which you have to send
    back to let them know you're still alive.
  • Viatical sales
  • Another type of insurance life policy selling is
    called a viatical. These sales are offered to
    policy holders who are terminally ill. Because
    there is assurance of the holder's time of death,
    viaticals are far less risky, and thus worth more
    than senior settlements. A viatical can pay you
    as much as 80 of your policy's face value,
    whereas a senior settlement can get you about
    20.

5
  • What to consider
  • There are also some disadvantages to insurance
    life policy selling as far as the seller is
    concerned. When you need medical care after
    you've sold your policy, you may no longer be
    covered by your insurance company. That's why you
    need to make sure you're in top shape when you
    sell. Your beneficiaries might also lose their
    insurance benefits.
  • Settlement fraud is also a major concern for
    people selling insurance policy.
  • Scams are fairly common, as the industry is
    fairly new and not yet strictly regulated. One
    such practice is "wet paper," in which the
    investor convinces you to buy a policy only to
    sell it back to them later on. "Cleansheeting" is
    also a common scam where the company alters your
    medical record to make you qualify for a policy.
  • Cashing in your Retirement Insurance Policy
    offers a lot of ways to make better use of your
    money. By selling insurance policy, you can get
    rid of monthly premiums, better support your
    dependents, and enjoy your hard-earned
    investments anytime you like.

6
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7
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