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The life settlement marketplace in Hawaii is highly regulated and in order to provide a life settlement transaction in Hawaii, you must be a licensed broker or agent. Seniors throughout the state considering Hawaii life settlements as an alternative to paying high premiums or the possibility of a lapsed policies. A Hawaii life insurance settlement is a way to gain access to a lump sum of money by selling off your existing life insurance policy into the secondary markets. Some of the reasons why seniors choose life settlements in Hawaii include: - A life settlement will eliminate high premium payments
- Alternative investment opportunity
- Medical expenses and long-term care
- Money is used for assistant living, retirement home or community
- Family members are in need of money now
- Increasing debt
- Charitable donation
- Senior has outlived the beneficiary
- Estate size has changed
- Coverage is no longer needed
- Policy is about to lapse
When evaluating a life settlement in Hawaii, there are few items that should be considered prior to hiring a company:
A life settlement company or broker that provides services in Hawaii should pay all up-front costs of ordering life expectancy reports and medical documents for their senior clients. A life settlement company or broker should pay all costs associated with processing, packaging and sending out applications on behalf of the client. They should always make it easy and affordable for financial professionals and attorneys by agreeing to pay all costs associated with the application process. If you decide to sell your life insurance policy make sure there is no obligation attached to the agreement. If you decide for any reason not to sell your policy you should never be obligated to reimburse the company.
When searching for an experienced and certified life settlement company that handles transactions in Hawaii you should work with those companies that offer more than one single option. The company should be willing to shop your life insurance policy to dozens of institutional buyers all whom compete for your business. This will assure that the policyholder is getting the best value for the sale of the life insurance policy. The company should also be willing to negotiate the highest strike value for the policy.
There are more financial professionals now offering life settlement options to their clients. Some of these professionals include:
- Attorneys & Lawyers
- Financial Planners
- Financial Advisors
- Accountants and CPA's
- Life insurance Brokers and Agents
- Estate Planning Professionals
- Financial Professionals representing seniors
Hawaii seniors choose to sell their life insurance policies because they are no longer in the financial position to pay the ongoing premiums or the policy is about to lapse. Life insurance companies do very little educating seniors that life settlements are available in Hawaii. Insurance companies benefit from lapsed polices because they are no longer obligated to pay death benefits to the beneficiary if the policy lapses. An insurance carrier may be willing to purchase the policy back however a life settlement is oftentimes worth much more in the secondary markets.
Below is a list of some of life insurance policies that are considered by Institutional Lenders:
The qualifications for a life settlement in Hawaii may vary depending upon life settlement institution:
- The face value of the policy should be at least $100,000 - no maximum face value
- Policyholder must have a life expectancy of 12 years or less or be terminally ill
- There must be a change in health status since the policyholder purchased the insurance
- Typical age of 65 years or older
A Hawaii senior life insurance settlement has different requirements than a Hawaii viatical settlement.
About Ideal Settlements
Ideal Settlements is an experienced life settlement company that works with clients that are interested in shopping their life insurance policy to multiple funding sources. We are a client centric company that puts the financial and long-term needs ahead of our own. We currently work with over 50 funding institutions that compete for our clients business. A testament to a job well done is the majority of our client acquisition comes from financial professionals and past clients located throughout the United States. Ideal Settlements takes all the necessary steps throughout the life settlement process assuring each customer the most competitive purchases for their life insurance policy.
A life settlement is an option that seniors throughout the state of Hawaii are now considering due to higher payouts. If you are a senior living in Hawaii or a financial professional representing a senior in Hawaii, you should consider a company that provides great customer service but more importantly the ability to get the best buyouts for the policy. Ideal has provided a list of areas throughout Hawaii which have some of the highest population of seniors: Hilo, Honolulu, Kahului, Kailua, Kailua Kona, Kamuela, Kaneohe, Kapaa, Kihei, Lihue and Wailuku. As regulations can change, Ideal may not be able to complete a viatical or life settlement transaction in some states. Please contact us for more information. Copyright 2009 © Ideal Settlements a life settlement company
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