Pg 42 life section 25



Since the mid-1980s, here has been some gradually increasing market with the sale and purchase of existing life insurance contracts. Many companies now exist whose sole business is the purchase of permanent life insurance policies from consumers who no longer need, need or exactly can't afford the products they own. Typically, the firms, referred to as "life settlement firms," give the scheme owner exclusive period about funds that is is more than the current cash surrender value except less other than the total dying benefit. In exchange, the scheme owner transfers all rights to the life settlement company, who then becomes the new beneficiary.

Difficulty: Moderately Challenging

Instructions

Things You'll Want

1 Contact several life settlement companies plus examine them. Describe your current circumstance and the specifics of your existing everlasting life insurance scheme. The company will specify if you and your policy are acceptable candidates with a settlement propose.

2 Complete the life settlement application documents. Much wish any standard life insurance policy application, there will be questions approximately your current health, medications, family case and financial capabilities.

3 Examine the life settlement company's formal deliver to pay for your contract. Compare this provide with those from the other companies you contacted.

4 Finished plus return the documents required to take the life settlement company's offer. Return the paperwork, along with your original life insurance scheme deal, to the business's principal office in the prepaid envelope provided.

5 Deposit the corporation's check to your deposit account when it arrives.

Tips & Warnings

References

Life Insurance Settlement Association website

Resources website: Selling Your Life Insurance

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