Hypertension in Seniors
Of the Top 8 Chronic Conditions in Seniors, hypertension is [...]
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By N. Rouse|2021-09-24T14:40:04-04:00August 7, 2021|Health and Wellness|
Of the Top 8 Chronic Conditions in Seniors, hypertension is [...]
Selling a life insurance policy may be a good option for seniors 70 years or older or for individuals who are chronically or terminally ill. It may also be an option if your life circumstances have changed, your premiums are no longer affordable or you no longer have dependents who will need financial support after your passing. With increased uncertainty about the economy, many seniors are looking into how to sell their life insurance policies. Selling your policy for a lump sum cash payment can help you pay for medical bills, vacations, paying off a mortgage, or supplementing retirement while providing you greater financial security and peace of mind.
The policy owner transfers ownership of the policy to a licensed buyer known as a Settlement Provider in return for a cash payment greater than the surrender value but less than the total death benefit. The process is easy. You’ll submit an application with basic information about the policy and the insured person to be evaluated by the Provider.
Once qualified, the Provider will request additional information such as the life insurance policy documents and the medical records of the insured. The private information you provide is needed for the Provider to make a decision to purchase the policy.
MRE Finance respects your privacy and only works with licensed and reputable Providers. Selling your policy typically allows you to receive more money than if you surrender or terminate the policy with the insurance company for the cash value. If you stop paying the premiums and lapse the policy you typically will receive nothing. People often pursue a life settlement because they no longer need or can afford their life insurance policy and would rather have cash in their pocket. You can use the money received from a life settlement transaction however you’d like, including paying for long-term care needs, medical bills, or funding your retirement
The buyer/provider will walk you through the process and with the information you provide they are able to determine if you qualify and then make an offer to purchase your life insurance policy
Overall the process takes approximately 6-8 weeks for settlement to be finalized with an experienced Provider, but timelines can vary based on who your insurance company is and the Provider receiving the needed documents.
A viatical settlement is a life settlement for those with a terminal or chronic disease. These typically are the highest valued policies – often 2 to 3 times more than a life settlement as the policyholder has a limited life expectancy. Viatical settlements are typically used by individuals who need to pay for medical expenses now, so they choose to forgo the full value of the benefit in the event of their passing and receive a payment now.
A Life settlement refers to the legal transaction between the life insurance policyholder and a third-party buyer known as a Settlement Provider for an upfront payment. Life settlement cash payouts are typically higher than your policy’s cash surrender value but less than the total death benefit of the policy. Some of the reasons why people choose a life settlement include; unaffordable premiums, medical bills, supplementing retirement, emergencies, or if they no longer need the policy for their dependents or other personal reasons. A life settlement is usually a better alternative to lapsing or the surrender of a life insurance policy.
Address: 1719 Route 10, Suite 233,
Parsippany, NJ 07054
Phone: +1-800-521-0770
Email: [email protected]
MRE Finance is a marketing company and will refer qualified policies to licensed life settlement brokers or providers and does not represent the policyholder. *Any estimate using the life settlement calculator provided is intended to be used as an evaluation and qualification of life insurance policies and does not guarantee the price of what a policy can be sold for, nor that a life settlement provider will make an offer to purchase a policy. © 2023 MRE Finance LLC. All Rights Reserved. Privacy Policy | Terms and Conditions.