Life Settlements 🤔 The Do's and Dont's

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Life Settlements - Understand why and how to sell your unwanted life insurance policy. Make sure you get the very best price.
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Life Settlements - Understand why and how to sell your unwanted life insurance policy. Make sure you get the very best price.

Hey guys, Lance here with Medicare help. And one of the questions we've been getting a lot about is what life settlements are, and how to know if that's something worth pursuing or not. So basically what life settlement does is it allows you to sell your life insurance policy that you may not need want or just can't afford anymore, which then allows you to get a large cash settlement instead. So in this video, I'll be going through all the basics you'll need to know. And I'll try to make things as simple to understand as possible, so that ultimately you can get an idea if this is something you might want to look into for yourself or not. Life Settlements

For starters, let's say the original purpose you got your policy for no longer exists. And so here's a few examples of what that might look like for you. First, you may be in a situation where your children no longer need financial support. Or let's say you got your policy to cover debt for things like mortgage or loan, medical expenses, or even a credit card. If all of that debt is gone, you may no longer need your insurance policy. Also, as another example, let's say your spouse no longer needs the money from your policy because you now have enough in your savings to the point where the policy is no longer necessary. Life Settlements

And then a few other examples could be something like you have a policy that's coming to an end and you simply no longer need it. Or you may not have the money to keep making the payments on your policy. Or maybe you just plan on retiring. The point is no matter what your particular situation may look like, you could have some really great options available to you. Now, if your life insurance policy is business owned a few reasons you may be interested in a life insurance settlement could be situations such as you no longer own that company. Or let's say the company has already paid off a debt, and there is no longer in need for your policy. Life Settlement

Also, it could be because of something like a buy sell agreement, which is also known as a buyout agreement. And this simply means that your policy could be sold because a buy sell agreement is no longer needed. But ultimately, the idea here is to show you some of the many different kinds of reasons that someone may benefit from considering a settlement of their life insurance policy. So next I'll explain how you can know if you might qualify for a life insurance policy settlement. Now, to qualify for a life settlement, there are three qualifications you'll want to meet. Life Settlement

First, you'll want to be someone who is 65 years or older. However, if your health has become very impaired, then even if you're under the age of 65, your policy may still qualify next, if you've had any health setbacks since your policy started. And finally, if your policy has a face value of $250,000 and above, now, after determining whether or not you qualified, the next questions we'll go through are how do I sell my policy? And the always important question, How do I know that I'm getting the most value for my policy? Life Settlement

So first off, how do you go about finding out what your policy might be worth? Well, it's similar to buying insurance or like buying a home, you can use a broker to help you get the best deal on insurance. Or you can deal directly with insurance agencies yourself to try and get the best deal. Or kind of like in real estate, you can sell a house on your own. But most people end up using a realtor because in most cases, a good realtor will get you more money, even after paying them their commission than what most people could. So if you're interested in working with someone to try and get you the most amount of money possible for your policy, there's a company I recommend, which has been around since 1935.

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👉 Call Genesis Asset Advisors at 1-888-400-8827 For a Free Evaluation.