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 Posted: Mon Oct 06, 2008 6:03 pm Post subject: Life Settlement Questions?? |
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Hello Everyone,
My name is Derek. I am new to this insurance community. I'm here to give and get advice and am looking forward to doing both. I work in the life settlement industry and speak with agents on a daily basis. I would love to gain a better understanding of the agent's point of view and would be more than happy to answer questions regarding the life settlement process. Feel free to message me. |
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DerekW
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| Posted: Wed Oct 15, 2008 9:54 am Post subject: |
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| Would you share the concept of life settlement with our community members in detail? As far I know, the life settlement helps the senior citizens to trade unwanted life insurance policies for money. I'm interested in knowing more about this option. Hope you can help. |
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jeorge
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| Posted: Wed Oct 15, 2008 10:06 am Post subject: |
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You have heard it right jeorge, many a times you may purchase a life coverage which may have seemed worthy at that time, but later on you might have discarded it. Life settlement allows you to trade the policy to a third party, instead of the insurer, to receive ‘immediate cash' for it.
The buyer of the plan thus becomes the new beneficiary of the policy and the old beneficiary gets void. The buyer of the plan, henceforth, will be responsible for paying the premium.
Hope it clarifies. |
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JeremyHolter
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| Posted: Wed Oct 15, 2008 11:19 pm Post subject: Sounds pretty interesting |
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This sounds like something I heard about a few years back. Are life settlements getting popular again? I think life settlements can be a good thing for the right clients.
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johnnypop
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| Posted: Wed Oct 15, 2008 11:21 pm Post subject: |
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| I didn't even know there was such a thing as life settlements. Is this a life insurance policy? I geuss I just may not be getting the life settlement thing. |
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fireyone
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| Posted: Wed Oct 15, 2008 11:30 pm Post subject: I am not an expert... |
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I am not an expert on life settlements and my understanding of them is very limited. someone please correct me if I am wrong, but the best way to describe it is that someone owns a life insurance policy and has been paying the premiums on it now needs some cash, whether for emergency or medical bills, something like that. So they sell the policy to a third party for a portion of the face amount and receive cash. The new policy owner then becomes the beneficiary and when the insured eventually dies, the new owner gets the full face amount thus a return on their purchase.
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johnnypop
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| Posted: Thu Oct 16, 2008 11:02 am Post subject: Life settlement scam |
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the new purchaser also takes over making the premuim payments... | Quote: | | thus a return on their purchase. |
and a BIG return...I don't like 'em for the most part...there is the opportunity to scam many old folks and their familys...i guess if they could be regulated in such a way that the family was aware as well FIRST...instead of the giant surprise when the owner dies...and then how do they pay for the arrangments etc? it could get very ugly.
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Lori
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| Posted: Thu Oct 16, 2008 6:18 pm Post subject: Very True |
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That is true...the family needs to fully understand what is going on and why. When the insured dies and there's no money for a funeral well...I wouldn't want to be on the end of that call.
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John L Houck Jr
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(702) 516-7016 |
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johnnypop
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| Posted: Thu Oct 16, 2008 6:24 pm Post subject: |
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| Wow it sounds to me like it could give pay day loan companies a run for their money. They charge enormous fees and profit quite nicely from people a hitting a rough spot. I really don't like the sound of this either. It would surley be the last option for someone thinking of it. It is giving away a lot of your future security. |
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fireyone
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| Posted: Thu Oct 16, 2008 6:30 pm Post subject: People get taken advantage of |
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Well unfortunately like payday loan companies there are people out there who will take advantage of people in a tough spot.
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johnnypop
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| Posted: Thu Oct 16, 2008 6:37 pm Post subject: |
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| Yes there are. It is really kind of sad. I guess there are also people out there that try to make every last cent they can whether it hurts another or not. I just don't intend on being one of them. I get a better feeling when I can help someone out instead. Like helping the elderly put their groceries in their car, with hteir lawn work or whatever. I always think how I ewould want to be treated...especially when I am older. |
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fireyone
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| Posted: Thu Oct 16, 2008 9:03 pm Post subject: |
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This whole thing puts a bad taste in my mouth...if EVERYONE that is closely related understands and agrees, then ok...my fear (well one of them) is the mental capability of the one giving it up...
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Life gaurantees a chance NOT a fair shake
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FIND a way EVERY day to lighten the load of another
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Lori
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| Posted: Thu Oct 16, 2008 9:10 pm Post subject: |
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Simple way to, at least, help make sure everyone is aware is make it mandatory that both the insured and the "old" beneficiaries sign the "new" life settlement papers.
At least there won't be any surprise and the heirs will have an opportunity to talk about the situation. If is an issue of money, the heirs might be able to help out so there isn't a need for the change.
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LifeIsGood
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| Posted: Thu Oct 16, 2008 10:58 pm Post subject: |
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PERFECT SOLUTION!
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Life gaurantees a chance NOT a fair shake
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FIND a way EVERY day to lighten the load of another
************************************** |
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Lori
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| Posted: Thu Oct 16, 2008 11:40 pm Post subject: |
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| Wow that really is a great solution Life....Now maybe you can give the next president a solution on how to fix out economy!! |
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fireyone
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