If you are evaluating a life settlement in Utah, consider those companies that will put your financial interests ahead of their own. A life settlement company has the fiduciary responsibility of getting their clients that highest values for their life insurance policy. They must always put the financial interests of their clients ahead of the buyer and of their company. A Utah life settlement company should provide options through a competitive bid process. A competitive bid process consist of shopping a life insurance policy through a network of institutional buyers in the secondary markets. By shopping your life insurance policy through a large network of buyers, it should give you a better chance of securing a larger cash amount for your policy. Another important factor when evaluating a life settlement company is their ability to negotiate the highest cash value for a policy; the negotiation is a critical part in obtaining the maximum value for your life insurance policy.
A life settlement can be beneficial for those seniors that no longer need or can afford the ongoing costs of maintaining their life insurance policy. A Utah life settlement is a way to gain access to a lump sum of cash without risking a lapse policy.
The qualifications for a Utah senior life settlement may vary depending upon the 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
Below is a list of the different life settlements in Utah that can be shopped in the secondary market:
Some of the financial professionals throughout Utah that recommend life settlements to their senior clients may include:
- Financial Planners
- Financial Advisors
- Accountants and CPA's
- Life insurance Brokers and Agents
- Estate Planning Professionals
- Tax Attorneys & Lawyers
A life settlement broker doing business in Utah should pay all expenses associated with a transaction. They must front the costs for ordering medical records, life expectancy reports and other documentation necessary for a senior life insurance settlement transaction. A Utah life settlement company should also assume the costs of processing, packaging and sending the documentation out on behalf of their client. Whether the company is working with their policy owner, a family member or financial professional, they should always take on all expenses associated with a life settlement transaction.
Some of the different reasons why seniors secure life settlements in Utah include:
- High premium payments
- Medical expenses
- Charity Donation
- Policy owner has outlived the beneficiary
- Estate size has changed
- Long-term care
- Assistant living & retirement home expense
- Family members need the money
- Falling into debt or bankruptcy
- Provides money for other investment opportunity
- Policy more valuable on the secondary market
Utah life insurance settlements have different qualifications and requirements than a Utah viatical settlement.
Below we have listed the areas throughout Utah that have a high population of seniors: American Fork, Bountiful, Brigham City, Cedar City, Delta, Draper, Farmington, Kaysville, Layton, Logan, Midvale, Ogden, Orem, Park City, Provo, Richfield, Saint George, Salt Lake City, Sandy, South, Jordan, Spanish Fork, Springville, Tooele and Vernal.
Ideal Settlements
Ideal Settlements currently works with over 50 institutional buyers that bid on the life insurance policies of our customers. Ideal is a client centric company that puts the financial needs of our clients 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 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 purchases for their policies. 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.
Please Note: Life insurance companies do very little educating seniors the benefits of a life settlement. Insurance companies have always made profits on lapsed policies and it's in their financial interest not to educate consumers this option exists. 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 market for a larger payout than the surrender value. The life settlement industry in Utah 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 settlement or life settlement transaction in some states. Please contact us for more information. Copyright 2009 © Ideal Settlements
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