Ideal Settlements is an experienced life settlement company that works with seniors and financial representatives throughout Rhode Island. We are committed to providing our customers with client centric services throughout the life settlement process. Our company's business model is to provide life settlement transactions through a competitive bidding process assuring the highest payouts for our clients. Ideal works with over 50 institutional buyers that compete for the purchase of our client’s life insurance policies.
Ideal has the fiduciary responsibility of putting our clients needs above our buyers and our own. This assures our clients are satisfied with the life insurance settlement process. The majority of our customers come from financial professionals and past clients; this is a testament to our experience of providing higher payouts to our clients. The Rhode Island life settlement process can be complex. Ideal always take the necessary steps that no documentation is overlooked and the settlement process runs smoothly for each transaction. If you are evaluating a Rhode Island life settlement, contact Ideal today for a free consultation.
It is important for policyholder to receive the maximum buyout for their policy. When evaluating a life settlement company that provides services in Rhode Island you should consider working with those companies that are set up to shop your policy amongst different buyers. This will increase your chances of securing a larger value for the purchase of the life insurance policy. A company should also be experienced in negotiating the highest value for the policy; this means before, during and after an offer has been made by multiple buyers. We are experienced in handling life settlement transactions in Rhode Island and we provide the administration duty as well as the skill set to negotiate the highest purchase value for our senior clients.
The different life settlements available to seniors in Rhode Island include:
The qualification process for a senior life settlement in Rhode Island may vary depending upon each institutional buyer:
- Age of 65 years or older is preferred
- A life expectancy of 12 years or less or be terminally ill at the time of the sale
- The face value should be at least $100,000 - no maximum
- Change in health status since the life insurance policy was issued
A company should always provide the costs associated with a life insurance settlement. A life settlement company or broker should be responsible for paying the cost of ordering medical documents, life expectancy reports and other documentation for each client. They must also assume the expense of processing the application, preparing the package and sending the packet to each of their institutional buyers competing for the purchase. Whether the company is working directly with the client or a financial professional representing a senior client, the company should always take on the full expense of a life settlement transaction. At Ideal we take on all expenses without obligation. If for any reason you decide against a senior life settlement during or after the process is completed, you owe us nothing.
A few examples of the different financial professionals throughout Rhode Island that offer life settlements to their clients include:
- Tax Attorneys & Lawa yers
- Financial Planners
- Financial Advisers
- Accountants and CPA's
- Life insurance Brokers and Agents
- Estate Planning Professionals
Life insurance companies do very little educating their clients on the benefits of a life settlement. Insurance companies continue making profits year after year due to lapse polices that otherwise could have been sold in the secondary market. If a policy were to lapse the insurance company may not be obligated to pay the death benefits to the beneficiary. A life settlement is worth more on the secondary market than selling it back to the carrier. The insurance industry oftentimes hesitate to inform clients life insurance settlements exist.
Some of the reasons why our senior clients choose life settlements in Rhode Island 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 Rhode Island is the sale of a life insurance policy for less than the face value of the policy and more than the cash surrender value of the policy. The policy is typically sold in the secondary market at a higher cash value than selling the same policy back to the carrier. A Life settlement is a way for a senior to sell their life insurance policy for lump sum of cash without risking lapsing the policy and owning nothing. Life settlements can be utilized by seniors that no longer need or can afford the ongoing premiums of keeping the policy active.
If you are searching for a Rhode Island senior life settlement, contact Ideal today. A Rhode Island life settlement can provide money to seniors that have a pressing financial need. We have provided a list of areas in Rhode Island that have highly populated areas of seniors: Bristol, Coventry, Cranston, Cumberland, East Greenwich, East Providence, Jamestown, Johnston, Lincoln, Middletown, Newport, North Kingstown, North Providence, North Smithfield, Pawtucket, Portsmouth, Providence, Riverside, Rumford, Smithfield, Tiverton, Wakefield, Warren, Warwick, West Warwick, Westerly and Woonsocket.
*The qualifications & requirements for a Rhode Island life settlement is different than a viatical settlement. 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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