Overview of this Guide

WHY WOULD I SELL MY POLICY?

  • YOU MAY HAVE A LIFE LIMITING ILLNESS AND THE MONEY COULD BE USED TO HELP WITH MEDICAL BILLS OR LONG TERM CARE EXPENSES
  • YOUR ESTATE PLANNING NEEDS HAVE CHANGED AND THIS COVERAGE MAY NO LONGER BE NECESSARY
  • YOU WANT TO IMPROVE YOUR CASHFLOW AND RETIREMENT LIFESTYLE
  • EXPENSIVE, INCREASING PREMIUMS ARE MAKING YOU CONSIDER SURRENDERING OR LETTING THE POLICY EXPIRE ANYWAY
  • LIFE INSURANCE THAT WAS REQUIRED FOR BUSINESS PURPOSES IS NO LONGER REQUIRED 
  • YOU WOULD LIKE TO REDUCE YOUR COVERAGE BY SELLING A PORTION OF YOUR DEATH BENEFIT

WHAT TYPES OF POLICIES CAN BE SOLD AS A LIFE SETTLEMENT?

  • WHOLE LIFE (WL) OR UNIVERSAL LIFE (UL)
  • JOINT SURVIVORSHIP UNIVERSAL LIFE (SUL, 2ND TO DIE)
  • TERM POLICIES THAT ARE STILL WITHIN THE CONVERTIBILITY PERIOD
  • VARIABLE POLICIES (CAN BE CONSIDERED BUT BUYERS ARE LIMITED SINCE IT IS CONSIDERED A SECURITIES TRANSACTION)

CERTAIN CRITERIA HAS TO BE MET IN ORDER FOR A LIFE SETTLEMENT OFFER TO BE GENERATED:

  • BUYERS IN THE SECONDARY MARKET FOR LIFE POLICIES ARE TYPICALLY LOOKING FOR PEOPLE WHO ARE AGE 65 AND OLDER
  • YOU MAY BE CONSIDERED AT ANY AGE IF CANCER OR OTHER TERMINAL ILLNESS IS INVOLVED
  • WITHOUT MEDICAL IMPAIRMENT, THE AVERAGE AGE FOR SENIORS TO SELL THEIR POLICIES ARE 70 YEARS OR OLDER 
  • SIZE OF THE POLICIES MAY RANGE FROM $100,000 TO MULTI-MILLION DOLLAR POLICIES AS LARGE AS $20 MILLION
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A RECENT EXAMPLE ~
MALE AGE 65, CURRENTLY IN HOME HEALTH CARE.
DID NOT WANT TO BURDEN HIS WIFE WITH HAVING TO USE THEIR SAVINGS TO PAY FOR HIS CARE.
GOSS ASSOCIATES WAS ABLE TO ASSIST HIM AND SOLD HIS $100,000 UL POLICY TO A BUYER, HIS FAMILY RECEIVED$30,000!

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