The criteria for a transaction
differ depending on the funding company that
purchases the policy. This criteria includes but is
not limited to the age of insured, face value of the
policy, and the life expectancy of the insured.
Ideal is able to provide some of the fastest
services in the industry with our in house
underwriting team. This team matches our clients to
ALL of the 35 funding companies we are currently
doing business with. This ensures that your policy
receives the highest offer available in the current
market.
We have adopted a general policy
that explains the qualifications for our life
insurance settlements.
Life Insurance Qualifications
All types of life insurance qualify
(Whole Life, Term, Universal Life, Corporate Owned
Life Insurance, Survivorship, Even policies in
Irrevocable Life Insurance Trusts)
Non contestable policies only, held
for at least 2 years.
Basically it does not matter who
owns policy, if the insured qualifies. The policy
can be owned by the insured, a business, family
member, charity, or any one of thing with an
insurable interest in the life of the insured.
Life Settlement Qualifications
-
Policy Face Value of over
$100,000 - no maximum face value
-
Insured must be terminal with a
life expectancy of 12 years or less.
-
No medical exam
-
We determine the life expectancy
when we obtain the medical records of the
insured. Once we review it, two independent
third parties determine the life expectancy of
the insured.
-
There can be variances in the
estimated life expectancy and this can lead to
different offers from different funding
companies. That is why we negotiate with every
funding source.
-
Must be a change in health
status since the issue of the policy
-
Age must be over 60, however
typically clients are over the age of 74.
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