Compassion driven. Not commission driven.
A note from Carole S. Fiedler, Life Settlement Broker, owner and founder of Innovative Settlements: For individuals with life insurance who are 65 or older and do not have a terminal illness, a life settlement may provide money that can improve your quality of life, settle debts, pay for long-term health care, housing or for a dream vacation. The funds obtained from selling a policy comes with no restrictions on how it is spent. An experienced Life Settlement Broker can help you understand whether a life settlement is possible and the best option in your situation. If you are thinking about a life settlement, I urge you to contact me at Innovative Settlements for honest, straightforward information.
What is a life settlement?
A life settlement is the sale of a life insurance policy in which the insured is over 65 and does not have a life-threatening illness. Minimum age can vary dependent on health issues. A life settlement will always be higher than any cash surrender value.
How much will I get?
The general rule of thumb is pretty basic: The higher the premium, the longer the life expectancy (LE), the less the settlement. Conversely, the shorter the LE, the less premium will be necessary going forward, will help obtain a higher settlement.
- Life expectancy is determined by independent medical underwriting companies who review the insured’s complete medical records. Gender, lifestyle and age are also considered.
- Life expectancy is what actually determines if a case is a viatical settlement or a life settlement.
- More than 90% of policies can be sold if the criteria is met.
- We accept UL, Term, Whole life, group life, Key Man, Survivorship, FEGLI, and other types of policies.
Insurance Policy Requirements
These are the general basic qualifying characteristics of eligible life insurance policies:
- Life insurance policies must be more than two (2) years old and not subject to a contestability or suicide exclusion.
- Term policies must be convertible in most cases;
- Policies with no loans are preferred;
- Minimum face values are $100,000. (the market for policies under $250,000 is not very competitive).
- Larger policies with proportionately low premiums are most desirable and offers most competitive.
- We have buyers of policies ranging from $100,000 to multi-million dollar policies.
- High profile clients trust us because we understand that discretion is a must!
Regulations have been changing rapidly in the past 5 years and not all states require licensing. We are able to do business in most states and for those where we cannot, we will refer you to a trusted friend in the business who can help you. You may also check with your own state’s Department of Insurance to determine if licensing is required. To locate the link for your state’s DOI, go to www.naic.org.