Life Settlement
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Life Settlement (Life Insurance Settlement) is a financial transaction in which a policy owner possessing an unwanted or unnecessary life insurance policy sells the policy to a third party for more than the cash surrender value (cash value offered by the life insurance company). The purchaser becomes the new beneficiary of the policy at maturation and is responsible for all following premium payments.
The life settlement contract is one of the key documents to completing a life settlement transaction. However, when it finally gets to the contract stage, a majority of the due diligence is complete and the also the negotiations are complete. As long as all the information that was completed on application was accurate, the contracting should be an easy step. Contracts range from 15 to 75 pages in length, some pages will need to be notarized and other signatures besides the policy owner will be required.
The Life Settlement Application is the key ingredient to beginning the life settlement process. There is no cost or obligation when completing an application. However, it is important to dislcose as much accurate information as possible. This will help the broker, professional, or funding company retrieve the proper medical records and life insurance illustrations to properly price your file. Usually one application can work with multiple sources, however don't be surprised if you have to fill out a couple applications.
