Life Insurance Settlement
*note: this blog post is an opinion piece and may not be "fact".
When you have health problems that prevent you from working, life insurance is a way to provide for your family in the event of your death. If you can’t afford to pay your bills or provide for your family on a full-time job, though, there are other options. Life settlement companies buy policies from people who can no longer use them and then sell them back to the market at a price higher than it was originally purchased. The reason they sell it back close to what they bought it at is because they make money off the difference in cost between the original sale price and resale value.
By law, these deals have to be disclosed by your insurance company, but since most people have no idea that it’s possible to sell a policy, they don’t know what they’re missing. And the policyholders aren’t told that there are companies out there who can find you buyers. Many companies will even offer you an advance on the money if you want it. The company will then continue making premium payments until either the insured dies or cancel everything.
So why would you want to cash in on your life insurance? There are many reasons, but the two most common reasons are:
1) You don't have enough money each month for living expenses and debt payments.
2) You aren't healthy enough to work.
If you can find out the difference between the cost of the life insurance policy when you bought it and how much they're actually paying you now, you can take some of that money and put it towards your debt payments or bills. While there are other places where you could get cash, and some of them may even be better than a life insurance settlement company, they would require you to pay upfront before anything happens. And that would be a lot of money upfront.
The company that gets the policy first in these situations is generally known as a "sales agent." They're the ones who set this up for you, and as a sales agent they get all of the benefits. The first thing is they get paid on every dollar that the policy goes up in value regardless of what it takes to achieve it. Their last job may have been to sell insurance, but they still know how to sell. Second, they can offer you an advance on your life insurance settlement payments. You can make an agreement with them to pay them back over time, or you can take your money and run and do whatever you need to do with it.
Sure, you can use some of this money to pay bills or debt payments, and it will only be for the next month. Or, you can use it to start a small business that doesn't require you to work anymore. And then the money would be available for retirement, so you could live off of your interest payments without working.
But if you're healthy enough to work and want to continue doing so, there are other options. There are thousands of people who have sold their policies in the past year and their life insurance settlement companies have made them an overall profit. The money is there, and they know where to find you.
If you want to know more about life insurance settlement companies, or what you can do with your life insurance policy when you need it the most, we're happy to assist you. Give us a call at 1-800-611-9873. We'll help you find a company that's right for your situation.
http://www.insurancejournal.com/news/ar/2009/10/28/269467.htm?gcheck=1#article_comments
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Website Disclaimer: We are not licensed agents, brokers, or representatives of any company mentioned on this website. As a general policy, we do not endorse any of the products or services that we write about on this site. We are not responsible for claims made by advertisers to the products and services advertised on this website. Information provided on this website is for informational purposes only. We always recommend that you check with your local agent or insurance broker before purchasing any type of insurance policy, and confirm all details of coverage with your insurance company. If a company is no longer in business, contact information will be left if available. By providing links to other websites, we do not guarantee that those links will work forever due to possible changes in those websites administered by third-parties. This website does not assume responsibility or liability for any loss caused as a result of using any information contained in any webpage linked from or to this site. All content on this site is copyrighted by Unemployed-Working-Part-Time™ unless otherwise noted.
Conclusion
Life Insurance Settlements in Houston is a good deal if you need it. You must make sure that they are in charge of all the money, and you cannot afford to be put on the hook for any of the money. Be sure they have your best interests at heart, and do not take a short-term deal. Life insurance settlements is a good way to get home and back on your feet financially, but it's important that you understand what's right for you before making any quick decisions or commitments. You might not be able to get the life insurance settlement payment if your health declines further or if something else happens to prevent your life from being insured anymore. So it is very important that you prepare yourself very well for this process.