If you are a senior policyholder in North Dakota with an unwanted or unaffordable life insurance policy, you may be considering a life settlement. A North Dakota life settlement is the sale (by the policy owner) of a life insurance policy for less than the face value but more than the cash surrender value of the policy. If you are searching for a senior life settlement you are probably searching for a company that can provide the highest purchase amount for your policy. It may be advantageous for you to consider a company that provides a competitive bid process. This means a life settlement company that is willing to shop your life insurance policy through multiple funding sources. This will provide the policyholder with a better chance of securing the largest buyout for the policy.
While life settlements and viatical settlements have been around for years, most seniors are aware of this option. Life insurance companies do very little educating and advising senior policyholders the benefits of a life settlement. If a policy lapses for any reason, there is a chance the insurance company will not pay the death benefits to the beneficiary at the time of death. If you no longer can afford the life insurance premiums you may consider selling your policy back to the insurance carrier that issued the policy. The other alternative is having your policy shopped in the secondary markets for a larger payout than the surrender value. A life settlement in North Dakota can provide a much larger payout than alternatively selling the policy back to the insurance carrier.
The qualifications for a North Dakota senior settlement will vary depending upon buyer; some of the qualifications may include:
- Age of 65 years or older is preferred
- A life expectancy of 12 years or less or is terminally ill
- Face value should be at least $100,000 - no maximum on a policy
- Change in health status since the life insurance policy was issued
Some of the different life settlements provided to seniors in North Dakota include:
When dealing with life settlement companies or brokers consider the following: A life settlement broker should be responsible for paying the full expense of a life settlement transaction. This expense may include ordering medical records and life expectancy records. In addition the company should assume the expense of processing the application, preparing the package and sending the packet to their network of institutional buyers. Whether the company is working directly with the client, family member or financial professional, the company should always take on the costs associated with a life settlement transaction.
Some of the financial professionals throughout North Dakota that recommend life settlements to their senior clients include:
- Tax Attorneys & Lawyers
- Financial Planners
- Financial Advisors
- Accountants and CPA's
- Life insurance Brokers and Agents
- Estate Planning Professionals
Some of the different reasons why seniors secure life settlements in North Dakota include:
- Eliminates high premium payments
- Medical expenses & ongoing medical expenses
- Charity
- Policyholder has outlived the beneficiary
- Estate size has changed
- Long-term care
- Assistant living & retirement home costs
- Family members need the money
- Falling into debt or bankruptcy
- Provides money for other investment opportunity
- Payout is much higher than selling the policy back to the insurance carrier
A life settlement in North Dakota can be beneficial for those seniors that no longer need or can afford the ongoing costs of maintaining their policy. A North Dakota life settlement is a way to gain access to a lump sum of cash without having to borrow or deplete your life savings or investments. If you are currently evaluating a life settlement only consider those companies willing to put your financial interests ahead of their own.
North Dakota life insurance settlements have different qualifications and requirements than a North Dakota viatical settlement.
Ideal Settlements
Ideal Settlements is an experienced life settlement company that works with seniors interested in selling their life insurance policy in the secondary markets through a competitive bid process. We put each policy in front of multiple institutional buyers assuring our clients the most competitive buyouts for their policies. Ideal works with over 50 institutional buyers that bid on the life insurance policies of our customers. 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 a testament to providing the highest payouts for our customers. Ideal Settlements is dedicated to providing client centric services and higher purchases for our clients regardless of the size of a policy. The company always takes the necessary steps throughout a life settlement process, assuring no information is overlooked and the process runs smoothly. While we focus on providing a great service for each client, our main goal is getting the highest cash value for a life insurance policy.
Below we have listed the areas throughout North Dakota that have a high population of senior citizens: Bismarck, Bottineau, Cavalier, Devils Lake, Dickinson, Fargo, Grafton, Grand Forks, Jamestown, Mandan, Minot, Rugby, Valley City, Wahpeton, West Fargo and Williston. The life settlement industry in North Dakota life 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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