| Q.
What are some of the reasons why I might consider the sale of my life insurance policy? |
|
A.
|
| Q. How much can I expect to receive? |
| A.
Your Value is based upon your medical condition, estimated life expectancy, type
of policy, credit rating of the insurance company, current interest rates and
any loans taken against the policy. Typically this amount is considerably more
than the surrender value offered by the insurance company. [top] |
| |
| Q. What are the fees involved in selling my policy? |
| A.
Golden Life Settlements fully discloses up front exactly what our fees are,
unlike many others who don't. [top] |
| |
| Q. What type of policies are considered? |
| A.
Whole Life, Universal Life, Joint Survivorship, Term and Group. [top] |
| |
| Q. Will my privacy be protected? |
| A.
At Golden Life Settlements your information is only released upon your consent. [top] |
| |
| Q. Will I have to pay the premiums? |
| A.
No, you will be relieved of all future premium payments once you have sold the
policy. [top] |
| |
| Q. Who is eligible? |
| A.
Any individual 65 or older with a policy face value of $250k and up. [top] |
| |
| Q. Will I owe taxes from the sale? |
| A.
Consult with your financial advisor or CPA. Normally, the premiums paid over
time is considered your "basis" and that portion is tax free. [top] |
| |
| Q. What if I change my mind? |
| A.
Depending on the state, the rescission period varies from
3-15 days after you receive money from the provider. [top] |
| |
| Q. When will I get my money? |
| A.
Once the transfer of ownership has been completed, you will
receive the money within 3 days. [top] |
| |
| Q. What are the alternatives to entering into a life settlement? |
A.
There are several options to explore:
- Borrow against the cash value of your life
insurance policy.
- Cash out the policy based on the available cash
surrender value, which is usually significantly less than the sales price on
the secondary market.
- Check with the life insurance company to find out
if the policy can be converted to a paid up policy or if the death benefit
can be reduced in order to lower the amount of your premium payments.
- Use the life insurance policy as collateral to
secure a loan.
[top] |
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