 What is the policy of returning a new car? |
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Additional Details
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k right, my boyfriend works for a small company fitting bedrooms.
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Insurance Is state farm.
State Is georgia.
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Mike | I have heard that there are companies that BUY life insurance policies no longer wanted for cash? |
I understand that some companies (factors?) buy unwanted life insurance policies that are no longer contestible (owned over two years) for a cash payment (some percentage of the face value of the policy) and then pay the premiums because they will eventually get the proceeds when the owner dies. Does anyone here have experience with this procedure? Does anyone know a list of such companies when one has such a policy that has been in force a long time? All replies are appreciated. |
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LifeInsuranceAgent
 |
It's called a life settlement.
If the insured no longer needs the insurance, a settlement may be possible if the insured is older(typically 65 and up), has health problems that shorten life expectancy, and has a policy that is term with conversion available still, or a permanent insurance policy.
Settlement companies look at your current health, life expectancy and cost to carry the policy until your expected death. Based on the numbers, they will determine if your policy has any value, and if so will make an offer to you to buy the policy. |
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john p
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Look up Viatical Settlement or Viatical Insurance Companies on Google. |
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aaron p
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Yes, there are a number of life settlement companies out there who will pay more than the cash value (if they didn't pay more, the owner would just cash it out now for a better deal). It works out well in the right circumstances, but it's not for everybody. I usually work with a broker who has over 15 years experience in this field alone.
I'd be happy to help with a little more detailed information. |
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Mark S
 |
See below referrenced magazine. Businessweek magazine devoted several pages to these types of companies- they came from the viatical industry. According to the article, there may be some "death" funds coming out in the next few years.
The companies buy the policy for less than they are worth and then hope that you die quickly. This is so they can recapture a large profit. From what I understood, they'll pay 50-70% of face amount. They prefer to buy from those with terminal illnesses expected to live less than two or three years.
Their marketing practices, however, have a lot to be desired and business practices. According to the article, there are many lawsuits in Florida and another state regarding viatical companies and the way they ran the business. This is again where caveat emptor.
Look for cover with the grim reaper. It was printed in last month to onth and a half |
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mbrcatz
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Not really. They'll pay UNDER the cash value, then cash it out. Or, if you're terminal, they'll pay a percentage of the cash value - usually around 25%, with medical confirmation that you are terminal (so that way they don't have to pay the renewal premium, and don't wait around forever.) |
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