Senior wants to sell his term policy. He has a 250k, 15-yr policy . He has a disability and can no

[eagles12]

longer afford the premiums . He's 62 years old. I sold him the policy 5-yrs ago. Is there a group that can purchase his policy? He's asked me to help him with this. Thank you.

 

[VolAgent]

If it isn't convertible, extremely unlikely. Even then, he might not care for the offer.

Search out life settlements.

 

[JimmyCrappedCorn]

longer afford the premiums . He's 62 years old. I sold him the policy 5-yrs ago. Is there a group that can purchase his policy? He's asked me to help him with this. Thank you.

I can't say for sure but common sense leads me to say that the answer would have to be no. If the guy lives another 10 years then the purchaser of his policy gets nothing. Who knows there might be someone out there willing to weight the risks and odds and take a gamble. Google "Life Settlements" and there are sites that have people you can contact that might make him an offer.

 

[sman]

I can't say for sure but common sense leads me to say that the answer would have to be no. If the guy lives another 10 years then the purchaser of his policy gets nothing. Who knows there might be someone out there willing to weight the risks and odds and take a gamble. Google "Life Settlements" and there are sites that have people you can contact that might make him an offer.

Not if the term policy can be converted. And that is the ONLY way a life settlement company would consider purchasing it. They would get the information on the new converted policy and then make their assessment on what to offer, if anything. Unless his disability is something that potentially shortens his life, he may get next to nothing due to his age and the cost of conversion.

 

[adjusterjack]

What's his disability?
How's his health?
How much are the premiums?

 

[eagles12]

He has a bad knee and a bad back. His premium for the policy is $112 per month. The policy is convertible to the end of the 15-yr period. It was issued standard NS. I wrote the policy 6 1/2 years ago. Thx.

 

[VolAgent]

Neither of which have a huge impact on his mortality unless he is confined to a wheelchair or bed.

It will depend upon the conversion options, but I doubt he's going to like the offer. Again, search for life settlements and see what offers you and he can get.

 

[sman]

He has a bad knee and a bad back. His premium for the policy is $112 per month. The policy is convertible to the end of the 15-yr period. It was issued standard NS. I wrote the policy 6 1/2 years ago. Thx.

It's really going to depend on the cost of the product that it can be converted to. Some carriers limit the products for which their term products can be converted to.

But a male age 62 with possibly a normal life expectancy probably isn't going to get much. Especially if the conversion plan sucks. All you can do is talk with a life settlement company. Well, have him talk to them.

 

[adjusterjack]

He has a bad knee and a bad back. His premium for the policy is $112 per month. The policy is convertible to the end of the 15-yr period. It was issued standard NS. I wrote the policy 6 1/2 years ago. Thx.

$11424 over the next 8.5 years on the chance to make $250,000. Somebody might be willing to take over the premiums. It's about 22 to 1 odds. People bet those kinds of longshots at the horse races.

Can't see him getting any cash, though.