Insurance Agent Forum

[lifesettlementadvisor]

New Term Life Settlement program. Does not need to be converted before selling. No medical records or LEs required!
Bids on these cases are coming back between 4-7%


Must have at least 5 years of level term premium remaining
* Term Premium not to exceed 1% of the face
* Minimum Face value 250k maximum 5mill
* Males Only
* Ages 65 to 80
* No Meds needed unless Florida case
* Standard and Preferred only
* Must be out of Contestability
* Carrier Rating A or better
* Need original term illustration

PM me for more details.

[rickygips]

I don’t think life settlement makes any sense, if you have a life insurance is it still possible to apply for a life settlement?

[LifeInsuranceMan]

Originally Posted by rickygips

I don’t think life settlement makes any sense, if you have a life insurance is it still possible to apply for a life settlement?

People are insured up to their total net worth.

If someone is worth let's say $2.5million and they currently have a $1.5million life insurance policy, that would mean they have ($2.5million -$1.5mmillion = $1million left of "excess insurability").

So this person could settle their $1.5million policy if they wanted, or they would have the option of taking out another policy for $1million (which later after the 2 year contestability period, they would have the option to settle).

So the answer to your question is YES because you need life insurance in order to settle. Life insurance acts as an investment vehicle for a life settlement.

[stormtracker]

Can one really so life settlement on term life???

[Thatguy]

I was informed that this product is no longer available. Oh well, guess it was just too good to last. Or perhaps it was just a happy idea that never took off. I could use the dreaded reference, but I'm restrain myself.