Senior Life settlement

Jun 14, 2008

  1. jeffery_scott76
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    jeffery_scott76 Expert

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    What could be the best life settlement option for a senior citizen?

    Regards,
    Jeff
     
  2. fjman
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    fjman Super Genius

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    That you refer them to me..... What are they trying to accomplish? Why are they selling?
     
    fjman, Jul 1, 2008
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  3. Mr. Bill
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    Mr. Bill Guru

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    Probably the best "life settlement" is a deal with the devil - immortality!
     
  4. jeffery_scott76
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    jeffery_scott76 Expert

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    Any risks associated if a senior citizen sells his policies?
     
  5. Mr. Bill
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    Missing the meds today????
     
    Mr. Bill, Jul 12, 2008
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  6. Corey
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    Corey Expert

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    There are a lot of moving pieces involved with life settlements.

    What are the client's objectives? Why are they selling? Is there no longer a need for the life insurance? Will they have a need in the future? Policies that are sold will be considered in the client's overall insurance capacity.

    The client's options will vary depending on the dollar amount of the policy and how the policy is currently being funded. Smaller face policies might not require life expectancy reports and could have a faster turn around time. Premium financed policies could have additional restrictions and bigger min. face requirments.

    Other common factors to consider are: age, premium to face ratio, outstanding loans on the policy, the amount of time the policy has been in force.

    Also, your state might require you to obtain a license in order to transact in life settlement buisiness.


    Here's a quick summary of the overall process:
    Provada: Life Settlement Process
     
    Corey, Jul 12, 2008
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  7. Brokers Alliance
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    Sure. One of the biggest risks associated with a senior selling his/her policy, is the service provider, itself. How many life settlement companies that you know of, provide Full Disclosure to the customer and the agent? I know of only one. However, this does not indicate that there are no ethical companies out there providing this service. There are.

    By Full Disclosure, I mean that all steps of the process are fully disclosed to the customer. The funders are disclosed to the customer and agent. Commissions are fully disclosed, but most importantly are negotiated with the customer - as opposed to the life settlement company telling the customer and agent, "This is what you get."

    With a Full Disclosure service, there is no way the company can skim off a chunk of funds without the customer and agent knowing about it.

    It is the most ethical way to do business, and we provide such service.

    [email protected]
     
    Last edited: Jul 31, 2008
  8. Winter_123
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    Yup. surprising how many here have not caught on to his gig. Just click on his profile and read his other posts and ask yourself WTF is going on. Next week, he will post a question: "What is the best solution for a senior- to take out a final expense policy or to ride the bus?" Then everyone will start chugging away to answer it.

    Crazy stuff but I guess it is lonely there on his ward.

    Winter
     
  9. SportsNut
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    SportsNut Guru

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    You are BRUTAL... :twitchy:
     
  10. jimsthename
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    jimsthename Expert

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    My company is a life settlement brokerage firm and we advise all clients to work with at least 2 to 3 brokerage companies. The best way to insure full disclosure is to add the element of competition.
     
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