| The life settlement industry was propelled | | | | behind life settlement is to get a high bid |
| into popularity by the viatical settlement | | | | for your policy. This could take a lot of |
| industry. History has shown us that the early | | | | work if you are working alone. A broker is |
| adopters of life settlement were those who | | | | sometimes arranged to find the right seller |
| were suffering from AIDS and who had only a | | | | who can offer a fair market value. The |
| couple of years to live. They sold their | | | | benefit of hiring a broker is that you can |
| insurance policies assuming they would get | | | | get bids from different sellers. Thus you can |
| immediate cash in return from the person who | | | | choose the most favourable bid among the |
| bought it. When medical breakthroughs found | | | | offerings. It sometimes becomes necessary to |
| their way to fight the AIDS virus, these | | | | provide your medical history in order to |
| senior citizens lost out because they had to | | | | secure a good bid. |
| pay premiums for a long time. Some fraudulent | | | | |
| companies also resorted to marketing this | | | | Once the life settlement bid is accepted by |
| concept in order to make a fast buck by | | | | the buyer, he then returns any confidentail |
| giving senior citizens the hope of further | | | | papers that he might have taken for |
| investment. | | | | verficaiton. Change of ownership forms are |
| | | | then exchanged and the final deal is closed. |
| Life settlement occurs when the holder of a | | | | |
| policy willingly sells the same for a price | | | | Some authorized life settlement agents are |
| to the buyer, who then becomes the sole owner | | | | Action Advisors Inc, Advanced Settlements |
| of the policy. The new buyer has to pay for | | | | Inc, Allsettled Group Inc, Berkshire |
| the premiums from the date of purchase. It is | | | | Settlements Inc, Brown & Brown Associates |
| common for senior citizens above the age of | | | | PC, Darrell L Tate, Don Karns Insurance |
| sixty-five to opt for life settlement, | | | | Agency Inc, Fairmarket Life Settlements Corp, |
| especially if there has been a negative | | | | etc. To find an agent in your area there are |
| change in their health situation. The | | | | several listings on the Internet. Brokers |
| immediate cash option is attractive because | | | | will also give you a free consultation so you |
| the seller is then able to fund his medical | | | | can freely and confidentially discuss your |
| bills and take care of other | | | | financial situation. |
| responsibilities. | | | | |
| | | | To summarize, a life settlement is done when |
| If you are planning a life settlement then it | | | | a person wants to sell his or her policy in |
| is best to take advise from experts who know | | | | return for cash. The reasons behind this |
| the market. Accountants, Charitable Trust | | | | could be high premiums, medical problems, |
| Officers, Financial Planners and Attorneys | | | | employment changes, bankruptcy, etc. It is |
| are just some of the people you can contact. | | | | wise to be well informed about the process |
| Since they know the regulations and | | | | and even more important to find a broker or a |
| formalities involved, you will be able to | | | | financial advisior who can make your life |
| make a more informed decision. The idea | | | | settlement worth your while. |