What is a good canditate?

 

When evaluating your own policy or a client’s policy for a potential life settlement, how does one know if the policy qualifies?  Are there specific parameters one must fit in to be an eligible candidate for a life settlement?

 

Some of the key factors for a policy to be a good candidate for a life settlement are as follows:

 

 

• Insured is 65 years of age or above -or- has a terminal illness or requiring some sort of advanced care

• Policy is either a Convertible Term, Whole life or Universal Life policy

• Policy has a face amount over $10,000

• The policy is no longer needed, wanted or affordable

• If the policy may be surrendered or lapsed

• A term policy that will not be converted to a permanent policy by the owner

• Policy has been in force for at least 2 years

 

Although there are certain parameters to be eligible for a life insurance settlement, each case is evaluated on a case by case basis. We strongly advise anyone considering a possible settlement, even if you may have been told the policy may not be a candidate, to give us a call.