Defining a Life Settlement
A life Insurance Settlement is the sale of an existing life insurance policy to a financial institution in a exchange for a lump-sum cash payment TODAY. The existing health conditions of the insured and the annual premium for the policy are key factors in determining the settlement amount.
Benefits
- Immediate cash to use as you wish.
- A MUCH more profitable option than letting a policy that is no longer affordable or needed lapse.
- Additional income to supplement retirement savings.
- A method of paying for medical costs not covered by Health insurance.
- Proceeds can be used to fund the purchase of Long-term care or assisted living insurance.
- Fund non traditional medical treatments.
- Meet day to day financial obligations.
Benefits of Working with Chicago Insurance Professionals
As a life settlement broker our utmost concern is making sure this type of transaction is right for you. After careful research of your financial picture it is our responsibility to negotiate with as many qualified purchasers as possible. This helps ensure that a true fair market value is obtained. Working with the Chicago Insurance Professionals only requires one application to receive multiple offers. We will then sit down with you to go over all steps of the process from obtaining medical records to payment of funds directly to you.
Frequently Asked Questions
Q: What are the costs?
A: There are NO out of pocket fees paid by the seller. The purchaser pays ALL transaction fees.
Q: How Long does the process take?
A: The average underwriting time is 6-8 weeks. This time frame is dependent on the responsiveness of physicians and insurance companies.
Q: Can the process be stopped or reversed?
A: A policy owner is not under obligation to sell the policy at any time! After the settlement proceeds have been received there is a Rescission Period which allows the transaction to be reversd. This period varies by state.
Talk to a Chicago Insurance Professionals agent today for more information.
1.866.530.CIPS (2477)
Or Click here to fill out a short form and a Chicago Insurance Professional will contact you within 24 hours.
Policies that qualify
- Whole Life
- Term Life
- Universal Life
- Key-man or Key Employee
- Joint Survivorship
- Most other policies
