If you are a senior in Maine and have an unwanted or unaffordable life insurance policy, you may be considering a life settlement. A Maine life settlement is a quick way to gain access to a lump sum of money by selling off a life insurance policy into the secondary market. If you are evaluating a life settlement in Maine understanding the process is important. Understanding which company will provide you with more options is extremely important. A life settlement company in Maine should always be willing to shop your case amongst dozen of institutional buyers. They should also be willing to paying the upfront costs with ordering medical and life expectancy reports for each client. Whether they are working directly with the policy owner or with a financial representative, the company should be willing to take on the full expense of a life settlement transaction. This process must always be done without a financial obligation. If you decide at anytime you are no longer interested in a senior settlement, you should not be held financially responsible.
Some of the current life settlements available to seniors in Maine include:
The qualifications process for a life settlement in Maine will vary depending upon each institutional buyer.
Some of the qualifications typically include:
- Face value of the policy should be at least $100,000 - no maximum
- A change in health status since the life insurance policy was issued
- Age of 65 years or older is preferred
- A life expectancy of 12 years or less or be terminally ill
Some of the reasons why seniors secure life settlements in Maine include:
- It can eliminate high premium payments
- Money need for medical expenses
- The threat of ongoing medical expenses
- Long-term care
- Assistant living, retirement home or community
- Family members need the money now
- Debt or bankruptcy
- Charitable donations
- Senior has outlived the beneficiary of the policy
- Estate size has changed
- Provides money for investment opportunity
A life settlement in Maine can be defined as a sale of a life insurance policy for less than the face value of the policy, but more than the cash surrender value of the policy. A Life settlement is a way for a senior to exchange their life insurance policy for lump sum of cash. Life settlements are made available to seniors in Maine that no longer need or can afford the premiums of their policy. Life insurance companies do very little teaching their clients on the benefits of a life settlement. Insurance companies make record breaking profits year after year partially due to lapse polices. If a policy were to lapse the insurance company may not pay the death benefits to the beneficiary. An option to a lapse policy is either selling the life insurance back to the carrier or securing a life settlement. A senior may sell their policy back to the insurance company that issued the policy however the cash value is typically a fraction of what the secondary markets offer.
The life settlement industry in Maine is regulated by their own set of rules and regulations. A life settlement transaction can only take place if the company or broker has proper licenses to do business within the state. It is important that you do business with a company that can legally provide life settlements in Maine.
When evaluating a life settlement company that handles transactions in Maine you should only work with those companies willing to shop your policy with multiple funding institutions. This will give you a better chance of securing the best value for the purchase of the life insurance policy. A company should also be experienced negotiating the highest strike value for the policy; this means before, during and after an offer has been made.
Some examples of the different financial professionals throughout Maine that offer life settlements to their clients include:
- Tax Attorneys & Lawyers
- Financial Planners
- Financial Advisors
- Accountants and CPA's
- Life insurance Brokers and Agents
- Estate Planning Professionals
About the Ideal Company
Ideal is an experienced life settlement company that works with seniors interested in selling their life insurance policy to the highest bidder. We gain maximum payouts for our clients because we put each policy through a competitive bidding process. Ideal has over 50 Institutional Buyers that have a vested interest in competing for the purchase of our client’s life insurance policies. We are a client centric company that puts the financial needs of our customers ahead of our own. The majority of our customers come from financial professionals and past clients; this is truly a testament to the services we provide to each client. Ideal Settlements is dedicated to providing client centric services and higher payouts for each new client. We will always take the necessary steps throughout a life settlement transaction, assuring no information is overlooked and the process run smoothly. While we focus on providing great service for each client, our main goal is getting the most money for your life insurance policy.
A Maine senior life settlement can be beneficial to those seniors that have immediate financial needs. Below we have listed the areas throughout Maine that have highly populated areas of seniors: Auburn, Augusta, Bangor, Bar Harbor, Bath, Belfast, Biddeford, Blue Hill, Boothbay Harbor, Brewer, Brunswick, Calais, Camden, Cape Elizabeth, Caribou, Damariscotta, Dover Foxcroft, Ellsworth, Farmington, Freeport, Fryeburg, Gardiner, Gorham, Gray, Hallowell, Hampden, Houlton, Kennebunk, Kittery, Lewiston, Machias, Norway, Old Orchard Beach, Orono, Portland, Presque Isle, Readfield, Rockland, Rockport, Saco, Sanford, Scarborough, Skowhegan, South Paris, South Portland, Springvale, Topsham, Waldoboro, Waterville, Wells, Westbrook, Windham, Winthrop, Wiscasset, Yarmouth and York.
A Maine senior life insurance settlement has different requirements than a Maine viatical settlement. The life settlement industry in Maine is regulated to protect the financial well being of seniors. A life settlement transaction can only take place if the company or broker has proper licenses within the state. As regulations can change within each state, 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
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