What is a Life Settlement?
A Life Settlement is the sale of a life insurance policy that is unneeded or unwanted by the policy owner. Your life insurance policy can be sold to a third party for more than the cash value offered by the policy’s life insurance company. Your life insurance policy is an asset as well as an investment.
Why consider a Life Settlement?
Life Settlements provide a better option for individuals who no longer want or need their existing life insurance policies. Your policy can be sold for an amount exceeding the cash surrender value, getting you the cash you need today.
Are Life Settlements Legal?
Yes. Under United States Supreme Court precedents, a life insurance policy is considered your personal property. Like any other tangible or intangible personal property, you can sell it, trade it, or give it away. Your insurance company generally has no right to block or question your assignment of the policy rights. Advanco Life Settlements strictly adhere to all state and federal regulations.
How long does the Life Settlement process take?
The Life Settlement process takes approximately 6-8 weeks. The process of obtaining ones’ medical records is the most time consuming.
What types of life insurance policies are eligible for Life Settlement?
• Universal Life Insurance (UL Policies)
• Whole Life Insurance
• Term Variable
• Key Man
Who qualifies for Life Settlements?
Anyone over the age of 65 who has a life insurance policy and whose circumstances have changed since the original policy was issued.
How does a Life Settlement benefit me?
• No Cost To You At Any Point
• Ability To Liquidate Your Assets
• Ability To Fund Alternative Products
• Relief Of Life Insurance Policy Premium Expenses
• Ability To Pay Increasing Medical Bills
How much can I get for my life insurance policy?
There are many factors that determine the offer amounts:
• Your Age
• Your Health
• Type of Policy
• Insurance Company Rating
• Policy Size
• Competitive Bidding
• State of Residency
Are the proceeds from a Life Settlement taxable?
The proceeds from a Life Settlement are generally tax-free up to the amount of premiums paid for the policy. The difference between that amount and the cash surrender value is taxable as ordinary income. Amounts received in excess of cash surrender value are generally taxed as capital gain.
Advanco Life Settlements recommends consulting your tax advisor before completing a transaction, as new IRS laws are always pending.
Will I have to pay any expenses to complete the sale?
There are no hidden fees or charges in working with Advanco Life Settlements. Your only expense will be for independent legal advice in reviewing the agreement, as required by state law (if applicable).
Is Advanco Life Settlements a broker or provider?
Advanco Life Settlements is a settlement broker, not a provider. This means that Advanco Life Settlements does NOT take on the financial responsibility of a life insurance policy. Advanco Life Settlements ONLY interests is in helping qualified Seniors get the most money for their life insurance policy. Advanco Life Settlements DOES have direct relationships with credible life settlement providers that will purchase qualified life insurance policies.
How does Advanco Life Settlements receive their income?
Advanco Life Settlements receives income through third party relationships. This is based on our commission of the sale of your life insurance policy.
Is Advanco Life Settlements licensed?
Yes. Advanco Life Settlements is licensed in the state of Texas, through the Texas Department of Insurance.
Is Advanco Life Settlements a member of the Better Business Bureau?
On July 8, 2011, Advanco Life Settlements became the first life settlement broker in the state of Texas officially accredited with the Better Business Bureau.
Is there any confidentially when pursuing a Life Settlement?
Yes. Advanco Life Settlements always takes extreme measures to protect the confidentiality of our clients.