If you are currently searching for a life settlement, contact Ideal Settlements today. Over the last several years the life settlement industry has gained momentum due to the inability for some senior to financially sustain. Due to the downturn in the economy and investments hitting all time lows, seniors are forced to look at other alternatives for new sources of income. Below we have listed some of the most common questions asked when speaking with prospective clients. 

What is the difference between a senior life settlement and viatical?

Viatical settlements involve the purchase of a life insurance policy from a person that is terminally ill. Generally the money is used for medications and treatments in order to prolong the life of the policy holder. The seller of a policy typically has a life expectancy between 1-5 years. Viatical settlements were extremely popular in the early 1980's during the AIDS epidemic.

Senior life settlements involve the purchase of a life insurance policy by an investor, from a senior that is age 65 or older. Generally the money is used for medical bills and living expenses. Because seniors are living longer oftentimes the policyholder has outlived the beneficiary or can no longer afford to pay the high premiums of the policy.

How can I sell my policy?

A senior can contact a life settlement broker that is licensed to do business within their respected state. The broker will be responsible for packaging up the application and sending it out to multiple funding sources. A broker should give their client the opportunity to shop the policy amongst a multitude of different investors within the life settlement industry.

How much money is my policy worth?

The value of a life insurance policy will vary depending upon several factors. These factors include the face value of the policy, ongoing premiums, insurance company rating, medical condition and life expectancy. Along with these factors competitive bidding will also play an important part of how much money you will receive for your policy. The policy is worth more than the cash surrender but less than the face value. In other words your policy is worth more in the secondary markets than the alternative of selling the policy back to the insurance company.

How do I find the best company to handle my life settlement transaction?

The life settlement industry is rapidly growing. As a result more companies are entering into the life settlement space. When searching for a life settlement company that handles transactions you should always consider experience. A company should be able to explain their experience in handling transactions and be willing to provide you with a short list of the different financial institutions they work with. It is always recommended you interview the company prior to moving forward.

Are life settlements taxable?

Yes, some proceeds are taxable as regular income. We recommend contacting a tax advisor.

Do I have to pay any out-of-pocket expenses?

While some companies may be different, if you decide to hire Ideal Settlements, we will pay all the costs associated with the transaction. If you decide at anytime you are no longer interested in a life settlement, you owe us nothing.

How  do I find out more information about a life settlement within my state?

If you are searching for additional information within your state, you can contact Ideal Settlements or following the links below: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming and the District of Columbia D.C.