The founder's thoughts on life settlements and getting older
What Advisors (And Everyone) Need To Know
About Life Settlements
April 24, 2015 (San Francisco) by Carole S. Fiedler
Most financial advisors I speak with have heard of Life Settlements, but do not fully understand how they work. They are not sure how their clients can benefit or even how to recognize when a Life Settlement should be considered. Many “captive” insurance agents are prohibited from even mentioning the Life Settlement option, though they are fully aware that a life settlement’s large lump sum liquid payments can greatly benefit both the agent and especially the client.
What are Life Settlements?
A Life Settlement is the sale of an in-force life insurance policy, for an amount discounted from the face value by an insured 65 years of age or older, and who does not have a terminal illness.
Life Settlements create liquidity from a previously illiquid asset – the underlying life insurance policy. By liquidating a life insurance policy at the right time, options are created while other assets that may be less beneficial to liquidate can stay in place. One example would be selling one policy to provide funds for premium payments to maintain another policy.
It’s a fact: As people age their need for life insurance changes. Policies are often obtained to protect a spouse, to cover college costs of the children, perhaps make mortgage payments or pay off the outstanding mortgage on the family home. As we age, children graduate college and mortgages get paid off. Needs for insurance change.
Who can benefit from Life Settlements?
Anyone fitting the criteria, who wants cash, no strings attached, in exchange for an unneeded, unwanted or unaffordable life insurance policy.
Life Settlements can be utilized as a strategy to create client liquidity for new investment opportunities. At a time when many are able to start enjoying life more, a life settlement can eliminate cost of premiums while providing a lump sum cash infusion.
Proceeds from a life settlement can provide funds for medical needs such as in-house home care, an assisted living facility, gifts to children, a long desired vacation or simply to help make one’s life easier. Certainly, if an elderly insured is also ill, with a life expectancy of two years or less, any policy sale should be done as a viatical settlement in which case the transaction would be tax free.
So why have financial & legal professionals failed to embrace and capitalize on an opportunity that supports their clients’ needs and goals by recommending life settlements?
Lack of awareness, lack of knowledge and not understanding how to proceed properly without jeopardizing the best interests of the client, is my best guess. Advisors need to be properly educated so they understand how life settlements work and how they can help their clients create liquidity and build wealth by selling an unnecessary life insurance policy.
Are life Settlements Legal in all states?
It’s important to know that, as the life settlement industry evolved, so did regulations of it. Today, we are indeed strictly regulated in 42 States!
Licensed Life Settlement professionals do exist and the public needs to know how to seek us out! (HINT: Google “Life Settlement Specialist” Or “Life settlement expert.”) In addition to advisors needing to be properly educated, a general lack of consumer awareness exists.
The majority of the public, financial and legal professionals included, have a general lack of awareness/understanding of how life settlements work. Further, the early days of the industry were extremely problematic and many people remember this. But that was before regulation. Today, Life Settlements are regulated in 42 States. The industry is solid and there is a huge amount of capital available to purchase policies. I would definitely call this time a Policy Seller’s Market.
What is the difference between Life Settlements and Viatical Settlements?
This industry grew out of the original Viatical Settlement industry. Viaticals began about 1989, while the first life settlements began in 1996*. There are many common misconceptions about Life Settlements stemming from the fraudulent operations of the past, specifically from approximately 1995-2001-ish**. The false impression that Viatical Settlements are just for people with AIDS is a belief many have, even though this was never true! A Viatical Settlement is for anyone of any age with an estimated “life expectancy of 24 months or less.” And thanks to HIPAA, the Health Insurance Portability and Accountability Act of 1996, proceeds from a Viatical Settlement are tax-free!
Advisors need to know:
– Life settlements are a viable option for clients with unneeded or unwanted life insurance.
– If a policy becomes unaffordable, a Life Settlement should be considered.
– A partial policy sale may be available in which case the client retains some insurance while selling part of a policy. Either way, obtaining a policy evaluation before a decision is made is wise.
– Life Settlement transactions are regulated by the State Insurance Commissioner
– Life settlements ARE NOT only for the terminally ill (That’s what a viatical settlement is).
– Not all Provider companies are the same. Methods, criteria and settlement offers vary.
– Term policies can be settled in many instances.
– Any unneeded, unwanted, unaffordable or superfluous life insurance policy, over $100,000 should be considered.
How can you, as a trusted Advisor or diligent consumer, recognize when it might be the right time to seek out the advice of a trained life settlement specialist?
– Clients who plan to let coverage lapse should call me to obtain a free policy appraisal.
– In a Divorce settlement, a life insurance policy’s secondary market value should be considered
– Has your client (or their spouse, parents, children) been diagnosed with a serious, terminal or chronic illness? If so, the timing of a sale is most important. Speak to a viatical settlement specialist.
– Are you or your client over-insured?
– Do you have someone who is caring for elderly parents? Do they need help with financing this care so they do not deplete their own savings? A life settlement on the parent’s policy may be the answer.
– Do you represent a company with a retiring executive who has a Key-Man Policy?
– Is money owed to someone? Does the person owing the debt have a life insurance policy which can be settled?
Any time a policy is going to be let go, for whatever reason, it only takes a phone call to discover if it is worthy of being looked at as either a Life Settlement or a Viatical Settlement.
These are a few examples of the many ways an in-force life insurance policy can be liquidated to enable the insured to accomplish something of great benefit to them in their lifetime, different from what was originally anticipated. No matter what the reason, the criteria and process is the same. The insured must be over 65 without a terminal illness or, of any age with a terminal illness. A person between the ages of 65 – 75 should have significant health conditions for the case to qualify but I urge you to call me at 800-905-0114 to be sure.
Lastly, when seeking out a life settlement specialist, know that experience, industry knowledge and relationships all matter.
Who can I speak to to learn about Life Settlements?
What I’ve written here is just a start. There are many times this is a viable option and I am happy to provide a FREE POLICY APPRAISAL at any time. I welcome your calls and questions!
Carole – 1-800-905-0114
*The New York Times wrote about the beginning of life settlements and published it on September 27, 1998. The story was 8 months in the making. http://www.innovativesettlements.com/wp-content/uploads/2014/02/nytimes__color.pdf Expanded version: http://www.nytimes.com/1998/09/27/business/death-benefits-now-for-the-living.html
**To read up on the history of the settlement industry, I recommend this Chicago Tribune in-depth article, located at http://articles.chicagotribune.com/2004-07-04/news/0407040350_1_viatical-mutual-benefits-policies. It was this in-depth investigation that brought the same writers to my door, resulting in this story: http://www.innovativesettlements.com/wp-content/uploads/2014/02/tribune_-_berens_500.pdf
Carole Fiedler is the Founder and President of Innovative Settlement Solutions located in Greenbrae, CA and has been a respected member of the Life Settlement industry since 1992. She can be reached at 1-800-905-0114. www.InnovativeSettlements.com InnovativeSettlements@gmail.com
WHY SELL A POLICY? Or, WHEN SELLING A POLICY MAKES SENSE
In my last blog I discussed Viatical Settlements for people living with a terminal illness. When someone gets seriously ill, his or her expenses go up and their income goes down. Having the option of selling a policy by utilizing a viatical settlement is a resource that many have found life enhancing when they need it most. But what about people who are older and have policies they no longer need or want? That’s when a Life Settlement might provide a better option that either surrendering the policy for cash value or simply letting it go altogether.
There are many reasons someone might want to sell a policy other than the need for cash due to a terminal illness.
It’s a fact that more than 80% of all life insurance policies either lapse or are surrendered for the cash value. When this happens, the insurance company never pays the death benefit yet gets to keep all the premiums paid.
So why would anyone pay premiums for a life policy for many years then simply let a policy go?
Perhaps the reasons for getting the policy in the first place have changed or no longer exist. A spouse passes away, a mortgage is paid off, the kids have graduated college and are successful on their own…
When life insurance is deemed no longer needed, rather than simply letting the policy go, the owner might want to look into a life settlement if the insured is over 65.
What happens when premiums get too expensive to pay? This is an example of what might prompt someone to look into a life settlement.
More and more, I get calls from grown children who are now faced with caring for aging parents, who are perhaps not in good health. Maybe they are in a position where the parents are in need of specialized medical care, home care or assisted living care. Where will the money come from to provide for the parents needs? If they have a life insurance policy, a life settlement may be the answer and should be looked in to.
In a business situation, a Key Man policy is an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of an important member of the business. Key Man policies can often be sold when a key man retires or leaves the business.
It needs to be noted that not all policies can be sold, nor is selling a policy always in the best interest of the family or for the situation. A life settlement specialist can help give you the information and explain the options so that you can come to a knowledgeable, educated decision.
What kind of life insurance policies can be sold?
Universal Life policies are always preferred but most any policy can be sold, provided it meets certain requirements. Surprising to most, term policies can often be sold. However, it’s important that the policy be convertible.
A future blog will go into preferred types of policies to sell in more detail.
WHEN SELLING A POLICY, TIMING IS IMPORTANT! Part 1, Life Expectancy (LE)
When companies review the policies they are going to bid on with the intention of buying, they are first looking at two main criteria: What is the life expectancy of the person who is insured, and what is the premium expense for the duration of that life? So, as a potential policy seller, the first thing to think about when considering either a life or a viatical settlement is life expectancy (LE).
For a viatical settlement, the guidelines are clear. Any insured person who is diagnosed with a life expectancy of 24 months or less, automatically qualifies for a viatical settlement. This was clarified in 1996 when the Health Insurance Portability and Accountability Act (HIPAA) was passed. This was before life settlements were offered. They began roughly in 1998. Under the Health Insurance Portability and Accountability Act (HIPAA), the proceeds garnered from viatical settlements for the chronically or terminally ill are free of taxes.
HIPAA further defines terminally ill as a patient who has received a diagnosis “by a certified physician to have a life expectancy of under 24 months.” Being chronically ill under HIPAA means the patient has become “permanently and severely disabled by an illness.” The additional requirement for the proceeds of the sale being tax-free is that only properly licensed companies are used – both the broker and the provider must be licensed. ~~~~~~ ~~~~~~
As clear as it is to qualify for a viatical settlement, the opposite is true for life settlements. There is no hard and fast guideline like there is for a viatical because different companies have different guidelines at different times. Each Provider (the companies who purchase the policies at a discount from the net death benefit) dictates what policies fit their purchasing criteria (buying parameters).
To make it more complicated, the funders, those sources who supply or lend money to the providers that is used to purchase the policies, may also dictate what life expectancies they require. One thing they are looking at is how long they are willing to invest their money. That goes directly to the life expectancies that the providers look for. Since each provider gets their money from different sources, and each source has different time-line preferences, not all providers are seeking the same policies at the same time. Even the minimum age of the insured can vary with 65 years being the most common minimum guideline.
With all these variables – and these are the most basic – it’s imperative to work with a seasoned life insurance settlement broker specialist who is in the marketplace day to day. With things changing all the time, they are the ones who know which providers are buying what, and, who may be paying a premium for policies at any given time.
Whether seeking a viatical settlement or a life settlement, this is often the first question people ask me. “How much money will I get if I sell my life insurance policy?” It’s also one of the most difficult to answer because there is no easy answer. Telling a prospect a percentage or dollar amount that I know will entice them to complete my application does not serve anyone. To do so would be misleading. I don’t want to mislead anyone, nor do I want to raise someone’s expectations.
That said, after an initial phone conversation, I can give you a pretty good idea of whether this is an option that makes sense or not. And, I do to taking into account your particular situation, health condition, age and policy type. Once I understand this, I can generally advise if it’s worth applying and taking it further, if the case will not qualify in the current marketplace or, if there may be a more beneficial alternative!
Each case is different and many factors must be taken into account before we will know how much someone will get should their policy be successfully sold. Until all the facts are known and verified, a bona fide offer cannot be made.
Once all the information is gathered and evaluated (typically by the settlement broker), it should then be presented to those companies which would be most interested in it. A competent and independent life settlement broker will create a competitive bidding war between multiple qualified providers, thus ensuring the seller the highest amount of money (the settlement) for their policy.
It’s important to get multiple offers because each buyer has their own pricing criteria
There are many variables to consider when Provider companies assess the value of a policy. The two most important factors considered by Providers (the licensed companies that purchase the policies), are 1) the life expectancy of the insured and 2) the anticipated cost for maintaining the policy for that time period, plus a little extra in the event the insured outlives the expectations. Additionally there are numerous administrative costs that the Provider must incur for each case they review – whether or not they offer on it.
Making it more complicated for the policy sellers to navigate this marketplace on their own, is that all Providers have varying costs and different buying parameters which results in very different bottom lines to the seller.
A knowledgeable, life settlement specialty broker will know the ins and outs of this marketplace, have relationships with numerous providers, knowing which ones are buying what type of policy/life expectancy blend at any given time, etc. A life settlement broker has their pulse on this sometimes volatile market and will most effectively guide the policy seller through it, netting them the most beneficial outcome.
Remember: Selling a life insurance is an important decision and one that should not be taken lightly. It is important to do your homework and choose your advocate wisely!
LIFE INSURANCE SETTLEMENTS 101 – NEW REASONS to buy LIFE INSURANCE TODAY
Part 2 – Read Part 1 in the series for the History Of Life Insurance Settlements
Traditionally, life insurance policies are purchased in concert with a major life occurrence:
A marriage, the birth of a child, the purchase of a home, formation of a business partnership.
Conversely, life insurance policies are often given up for these reasons: a divorce, children graduate college, a mortgage is paid off, a business partnership dissolved or the death of a partner. Perhaps the premiums are getting too expensive or the life insurance is no longer needed.
Although life insurance was created to financially benefit the beneficiaries after a death, today these same policies can benefit the insured while they are still alive. Since the early 1990s the option of selling an in-force policy has been available.
Rarely are people aware that when situations change, and they may need some financial relief, their policy can be sold for its current cash value on the secondary market. Most do not know that a secondary market for in-force life policies even exists.
A New Reality
The new reality is that the original reasons for buying life insurance – to protect others when the insured dies – has been expanded upon. Now you can consider life insurance as a planning tool should you become ill or should your situation change…it is something you can collect on while you are still alive.
The industry providing this option is called the LIFE SETTLEMENT INDUSTRY. It is not the insurance industry, nor does the money come from the insurance companies. The amount of money available is always discounted from the death benefit and always more than any cash value, and is determined on a case by case basis.
There are two kinds of Life Insurance Settlements:
Life Settlementsare for people over 65 who no longer need, want or can afford their policies. Life settlement providers are currently seeking life expectancies (LEs) of 25 months to 15 years as a general rule of thumb. Therefore, if someone is 70 years old, in order to fit the criteria, they would have to have some serious but not terminal health issues, while an 85 year old in relatively good health may qualify immediately.
Viatical Settlements are for people of any age who have been diagnosed with a terminal illness and expected to live 24 months or less. The cash settlements obtained from a viatical settlement are far greater percentage wise because the anticipated receipt of the death benefit to the provider will be sooner than if it were a life settlement, with a longer LE.
It’s important to understand that when a policy seller is living with a serious, chronic or terminal illness, and is expected to live longer than 24 months, even though they technically do not qualify, it behooves them to have a life settlement specialist evaluate it. To be more specific, in situations such as this, I strongly recommend you speak to someone well versed in viatical settlements.
The Life Insurance Settlement Process
The actual process of selling a policy for both viatical and life settlements is the same. The criteria, payouts, State regulations, providers, funders and tax ramifications, among other things, are different. All of this goes to why it’s important to choose a life insurance settlement specialist and not a life insurance agent to represent you in the process.
To locate an appropriately experienced life settlement broker, look for a settlement specialist who has been in the business since the viatical days. i.e.: find a company that was established and immersed in the viatical settlement business (before 2000) and did not get into this only after life settlements began.
An experienced viatical/life settlement broker understands that they are providing a compassionate service first and foremost. That’s why we got in the business in the first place, to help people living with a terminal illness, at a time they needed help the most and to ensure they were protected.
Keep in mind when choosing representation that there are both compassion- and commission-driven people providing life and viatical settlements. Research and choose wisely.
Viatical settlements are to be considered a compassionate resource for the terminally ill while life settlements are more of a strategic business decision, typically conducted by more business savvy and older folks.
There is no denying that many life insurance agents are commission-driven. Indeed, that is how they are trained. But reasons for selling a policy on the secondary market are the exact antithesis of reasons for buying that policy in the first place. It can, and until recently, been considered a conflict of interest by the California Department of Insurance! This is why I strongly recommend life insurance settlement specialists, not life insurance agents, be chosen to manage the process for policy sellers.
Common Disclosures: Anyone selling a policy should discuss the tax ramifications if any, with their accountant, tax or other financial advisor. The Health Insurance Portability & Accountability Act of 1996 (HIPAA) made the proceeds of a viatical settlement tax free provided they a) have a LE of 24 months or less and, b) use only licensed viatical brokers and providers should their state require it. It’s also important that any proceeds may interrupt an means-based entitlements you may be getting like food stamps.
It’s imperative to keep in mind that no matter how simply I may be able to describe it here, this is a very complex process within an industry of many layers. As one of the very first viatical settlement brokers in the country and a long time (20+ years!) respected member the industry, I consider myself a consultant first and a broker only when selling a policy is the best option for my client, the policy seller. Example: I often recommend something other than selling an entire policy as is evidenced in this Chicago Tribune article. I, and all whom work with me, are compassion driven, not commission driven. We will never put our own interests before those of the people who put their trust in us.
An Introduction to Life Insurance Settlements (Part 1)
The less you know, the more you believe. Think about it. There is a tremendous amount of confusion about viatical and life settlements and rightly so. The industry was once unregulated and fraught with fraud. It was like the wild, wild west. Happily, that is no longer the case; the companies and the players have changed, as has the entire industry. In fact, at this time, the industry is highly regulated and specialized licenses and training are required.
But seriously, how could it be that something that is so positive, something that enhances people’s lives so much when they need it most, has remained such a secret for more than two decades? For starters, big insurance companies don’t want you to know and that’s the best way to spread the word – through their own life insurance agents. (Please take note: A life insurance agent is not a life settlement broker.)
In fact, as a direct response to the work the then viatical settlement industry was doing in the 1990s, the insurance companies began to offer Accelerated Benefit and/or Living Benefit riders. This is a very positive thing and in some situations, specifically when someone has 6 months or less to live, they may offer a higher cash payment than a viatical settlement would. (Another reason why it is important to speak with a settlement specialist who can help you determine which option is best for your particular situation.)
In this article, I will share with you the story of the industry, of which I am a “pioneer”, and how I’ve thrived for 22+ years by representing policy sellers.
A Quick History of Life Insurance
The history of life insurance goes back to ancient times. The concept has its roots in ancient mankind’s concepts about minimizing risks against calamity and death in the face of uncertainty and the ever-present possibility of natural disasters.
The main concept of insurance in general – that of spreading risk – has been around as long as human existence. Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. The first written insurance policy appeared in ancient times on a Babylonian obelisk monument with the code of King Hammurabi carved into it.
By 1693, the first mortality table was created using Pascal’s triangle. Life insurance soon followed and the first life insurance policies were written and taken out in the early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706.
By the late 19th century, governments began to initiate national insurance programs against sickness and old age. Insurance companies thrived in Europe. In America, the story was very different. Colonists’ lives were so dangerous that no insurance company would insure them. It took more than 100 years for insurance to establish itself in America. When it finally did, it brought the maturity in both practice and policies that developed during that same period of time in Europe.
As the insurance industry has continued to evolve, today it is commonly accepted that only financial, pure, and particular risks are insurable.
Why You Buy Life Insurance Today
Life insurance is typically purchased when a major life occurrence happens: A marriage, the birth of a child, the purchase of a home, or the formation of a business partnership.
When a life insurance policy is purchased, it is done so to financially protect the spouse, dependents, cover costs of a college education, cover debt including mortgage debt, and to help carry the family forward should the wage earner die.
Why You Discontinue Life Insurance Policies
However, life insurance policies are often discontinued for the opposite reasons: a divorce, children graduate college, a mortgage is paid off, a partnership dissolved or the death of a partner. Perhaps the premiums are getting too expensive or the life insurance is no longer needed.
Indeed, life insurance was created to benefit the beneficiaries, not the insured or the policy owner. It’s only since the early 1990s that the option of selling an in-force policy has been available. Rarely do people realize that when situations change, the policy can be sold for its current cash value, or even that there is a secondary market for in-force life policies.
Why You Should Consider Keeping Your Life Insurance Policy or Cashing Out
In the case of divorce for example, knowing there is a secondary market for insurance policies, either or both parties might want to retain the insurance policy on the other in the event they can sell it in the future, should the (now divorced) partner become seriously, chronically or terminally ill.
The new reality is that the original reasons for buying life insurance – to protect others when you die – has been modified. Now you can consider life insurance to be a planning tool should you become ill or should your situation change…it is something you can collect on while you are still alive.
Coming up – Viatical Settlements
In my next article I will discuss the history of the viatical and life settlement industry and how your life insurance policy today can be looked at as a potential asset to be accessed while you are alive. Remember, the less you know, the more you believe.
The Federal Government is this country’s largest (non-private) employer. There are millions and millions of full-time and half that again for part-time workers. These people include our men and women in the armed forces, postal employees, IRS workers, politicians, retirees from all these organizations, etc.
Federal employees automatically get basic life insurance, which is self-insured by the Government and called FEDERAL EMPLOYEES GROUP LIFE INSURANCE (FEGLI). This basic coverage is typically a minimal amount, often equal to one year’s annual pay. Federal employees also have the option, at times, to obtain more insurance referred to as “optional” Insurance. This optional insurance comes in multiples of the Basic amount and employees have the ability to choose how many multiples, up to 5, of their salary they wish to be insured for at the low group rates.
When someone separates or retires from service, they are given 31 days to decide if they want to take their life insurance with them or not. By taking control of your own life insurance coverage and planning ahead, you gain future options that won’t otherwise exist. One example is that IF you should get seriously ill, you will have options to convert that policy to cash by way of a viatical settlement.
It’s most important that you understand what to do in order to maximize your benefit. I am typically able to ascertain during an initial phone call, what steps need to be taken to derive the most beneficial options going forward.*
The first thing to understand is that the way the FEGLI Rules are written, it can be beneficial to split the life insurance coverage up as they have – into basic and optional. The rules are clear: An employee, as I mentioned earlier, will be given paperwork explaining that they have 31 days to choose to either leave their life insurance with FEGLI and keep the premiums at the lower group rate, or, to convert it out to a new policy, resulting in full control of the policy and higher, individual insurance premiums. Both have their benefits, as does a hybrid of the two and whatever you choose should be best for your individual situation and what you anticipate it to be going forward.
A list of insurance companies to which you can convert your insurance without evidence of insurability should be in your retirement package. An experienced settlement specialist (not a life insurance agent), can advise you of several “settlement friendly” companies to convert all or part of your coverage to.
***THIS IS THE TIME TO CALL A SETTLEMENT SPECIALIST ***
*** BEFORE you complete the paperwork*** BEFORE or DURING the 31 day period***
There are different ways to manipulate these policies and it is not “one size fits all.” With FEGLI, as with most other large group employee insurance plans, there is a very specific time frame to work within. There may be multiple options available to you, each with its’ own ramifications. To maximize your benefits you must understand your options.
In the case of a viatical settlement, a licensed viatical settlement broker will advise and help you maneuver through the complex settlement process. It’s imperative to understand that FEGLI policies offer a special living benefit on the basic only. So do you convert all or part of your insurance? Or none at all? That all depends on your overall situation and goals. Those of you going out on Disability now, please call us first so we can explain. Be cognizant of this or you might lost some of your rights.
More specifically, FEGLI offers a living benefit when someone is given a prognosis of “no more than 9 months”. However, they do not offer any type of living benefit on the optional coverage. This is why you will want to convert the optional coverage to an individual, permanent insurance policy which then can be viaticated. By taking control, the insured will now be able to take advantage of both the Living Benefit on the basic coverage, which pays approximately 95% of the face amount of that basic coverage, and then viaticate the optional, now individual policy. By doing both, what I call a hybrid, you can access more money when you need it most, than either individual option will offer.
Although selling a life insurance policy is not right for everyone, I strongly believe in having and maintaining as many different options as you may have – just in case. That way, when it’s time for you to do something with it, you can choose which is most beneficial for you and your family. The more options you have, the more choices shall follow.
And be sure to call an experienced life and viatical settlement specialist who understands and has experience with FEGLI policies and how to use them to your advantage!
*Call us for a free phone consultation. We will discuss your specific situation and what immediate steps you should take. We will also assist you in understand how to move forward – by empowering you with information! Carole Fiedler can be reached at 800-905-0114