What Is a Life Settlement?
A Life Settlement is a financial transaction in which a policy owner, possessing an unneeded or
unwanted life insurance policy, sells the policy to a third party for more than the cash value offered by
the life insurance company. The purchaser becomes the new beneficiary of the policy at maturation
and is responsible for all subsequent premium payments.
Life settlements are an important development in that they have opened a secondary market for life insurance in
which policy owners can access fair market value for their policies, rather than accepting the lower cash surrender
value from the issuing life insurance company.
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What Is The Transaction Process?
The transaction itself and any information provided by the owner is kept completely confidential
- No medical exams
- Signed application
- Case reviewed by underwriter
- Offer accepted
- Closing package prepared
- Closing papers signed
- Funds deposited into escrow account
- Change of beneficiary and ownership processed and recorded
- Funds released to you!
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Why Choose Innovative Wealth Partners, LLC?
Your policy is shopped to a potential of 40 different financial institutions, securing the most money for you.
In addition, we feel strongly about educating and providing Life Settlement support resources to all those
involved in the financial industry. We want industry and professional advisors to understand: when to use Life
Settlement, what the transaction parameters are, what due diligence is necessary, what funding company
practices to avoid, how to protect the policy holder�s confidentiality, and how to structure the best possible
transaction.
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What Information Needs To Be Submitted?
Innovative Wealth Partners, LLC provides a simple, easy to follow startup kit that can be downloaded
here
and faxed to
us, or filled out on our online form and submitted.
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What Is The Time Frame For The Entire Processes?
The timeframe for the process depends on many factors, the time it takes for a customer's Dr.'s office to release
medical records, the time it takes an insurance company to supply information, etc. On average, a 3 month
timeframe should be allotted for a complete transaction. You will receive updates during the entire process.
You will receive updates during the entire process.
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Under What Circumstances Can I Sell My Policy?
- Insurance coverage is no longer needed
- My policy is not performing to expectations
- Premiums are no longer affordable
- I have individual insurance but now need survivorship
- Loan secured with life insurance has been satisfied
- I wish to sell some policies but to keep others
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Term Life Insurance
Term life insurance provides coverage for a limited period of time, the relevant term. After that period, the insured can drop the policy or pay annually increasing premiums to continue the coverage.
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Universal Life Insurance
Universal Life is a type of permanent life insurance based on a cash value. That is, the policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, which is drawn from the cash value if no premium payment is made that month.
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Whole Life Insurance
Whole Life Insurance, or Whole of Life Assurance, refers to a policy that pays a lump sum on death or, in some cases, the earlier diagnosis of a critical illness whenever it occurs provided the contract is kept in force through the required payments being made.
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Survivorship
Survivorship, (or "second to die") insurance is a type of insurance on two people that provides benefits to the heirs after the last surviving spouse dies. This differs from regular life insurance in that the surviving partner does not receive any insurance benefits after their spouse dies. Thus survivorship/"second to die" insurance is used most commonly for estate planning.
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