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What is the Life Settlement
Program?
The Life Settlement Program can help you maximize the
value of an important asset that you may no longer need and
provide you with considerable funds for your immediate use.
Who is eligible to participate?
- Any individual age 65 or older.
- Any life insurance policy with a face value of
$250,000 or more.
- Almost all types of life insurance qualifies,
including term, whole life, universal life and many
others.
How much money can I expect to receive for my life
insurance policy?
You will receive immediate cash funds determined by:
- Estimated life expectancy and medical condition.
- The amount and type of life insurance coverage.
- Amount of the premiums necessary to keep the policy
in force.
- Cash value build up in the policy.
- Credit and solvency ratings of the insurance
company.
- Prevailing interest rates.
- Loans, if any, taken against the policy.
Why would an individual, company or charity
consider selling a life insurance policy?
Many reasons.
Some of the most common are listed below:
- The insured has outlived their family or
beneficiaries.
- Premium payments are no longer affordable, or the
policy owner is simply not interested in paying premiums
to keep the policy in force.
- The estate size has been decreased or tax policy has
changed, reducing the insurance required to pay
projected estate taxes.
- A policy is owned by a corporation on an executive
who is no longer with the corporation.
- Insurance was acquired to fund a buy-sell agreement
and the company/partnership has been sold or dissolved.
- A policy is owned by a charity or foundation that
could use the funds now.
- Business bankruptcy.
How would I use the proceeds from this sale?
Any way you like. Many people choose to use these funds
for:
- Purchase of additional securities, mutual funds,
annuities as long-term investments, or other life
insurance policies.
- Long-term care or other asset protection tools.
- Fund a charitable gift, charitable lead trust,
charitable remainder trust or gift annuity.
- Gift taxes.
- Buy back stock from a business partner.
- Funds may be used for any purpose.
Who pays the future insurance premiums?
You will never have to pay another life insurance premium.
Once you have sold your policy and received your funds, you
will no longer be responsible for premium payments.
What are the tax implications of selling my life insurance
policy?
Typically, any amount paid for a policy in excess of the
cash surrender value is treated as a capital gain. The cash
surrender value in excess of the basis in the policy is
treated as ordinary income. As with this or any other major
financial decision, we strongly recommend that sellers of
policies seek the advice of a financial consultant or tax
advisor.
What is involved in the process?
It is very easy. Simply fill out the application provided
for you. We’ll review the insurance policy and the medical
records provided by the insured’s doctor. If your
application qualifies, an offer will be prepared for you. No
additional medical examinations for the insured are
required. The process is very, very simple.
Who is Settlements For Life LLC?
Settlements For Life LLC (“SFL”) is
comprised of a group of professionals experienced in the
life settlement and life insurance businesses, and in
various financial areas. Settlements For Life LLC will make every effort to maximize the dollars paid to the
policy owner in the acquisition transaction.
Where can I get more information?
Our representatives are well qualified to provide you with
all the information you desire and answer all your
questions. Your financial advisor may also be familiar with
our program and can guide you through this easy, simple
process.
You may contact our main office at 901.683.5558 or
toll free at 877.588.5558.
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