Kentucky Life Settlement
A Kentucky life settlement is a sale of a life insurance policy for less than the face value but more than cash surrender value of the policy. Life settlements are a way for seniors to cash in their currently life insurance for a lump sum of cash. Life settlements are available to seniors throughout the state of Kentucky. Life insurance companies do little informing seniors the benefits of a life settlement. Insurance companies benefit from lapsed polices because they longer have to pay death benefits to the beneficiary. A senior may sell their policy back to the insurance carrier however surrender value is typically a fraction of what a life settlement can offer. Kentucky life insurance settlements can put more money in the pockets of the policy owner.
Some of the common reasons why seniors choose life settlements in Kentucky include:
- Life settlements can eliminate high premium payments
- Alternative investment opportunities
- Medical bills piling up
- Money used for long-term care
- Assistant living, retirement home or community living
- Family members are in need of money
- Debt or bankruptcy
- Charitable donations
- Senior has outlived the beneficiary of the policy
- Estate size has recently changed
The life settlement industry in Kentucky is regulated by their own set of rules and regulations. A life settlement transaction can only take place if the company or broker has proper licenses to do business within the state.
Some of the current life insurance settlements available to seniors in Kentucky include:
When evaluating a life settlement company that handles life transactions in Kentucky you should work with those companies willing to shop your policy through a competitive bid process. This will assure the policyholder is getting the best value for the purchase of the life insurance policy. A company should also be willing to negotiate the highest strike value for the policy by being prepared to negotiate before, during and after an offer has been made. A life settlement company should always have the fiduciary responsibility to their client and not the buyer.
A Kentucky life settlement is a way to gain access to a lump sum of cash by selling off your existing life insurance policy to the highest bidder. If you are evaluating a life settlement in Kentucky knowing which company to hire can make a difference on the amount of money you receive for the policy. There are standard processes that should take place during the life settlement transaction. A life settlement broker should pay the costs for medical and life expectancy reports. They should also provide the expense of processing, packaging and send out the application on behalf of the senior client or financial representative.
An example of some of the financial professionals throughout Kentucky that offer life settlements to their senior clients:
- Attorneys & Lawyers
- Financial Planners
- Financial Advisers
- Accountants and CPA's
- Life insurance Brokers and Agents
- Estate Planning Professionals
The qualifications for a life settlement in Kentucky may vary depending upon each buyer. Some of these qualifications typically include:
- The face value of the policy should be at least $100,000 - no maximum
- A change in health status since the policy owner purchased the life insurance policy
- Age of 65 years or older
- A life expectancy of 12 years or less or be terminally ill
A Kentucky senior life insurance settlement has different requirements than that of a Kentucky viatical settlement.
About Ideal Settlements
We are an experienced life settlement company that works with seniors interested in shopping their life insurance policy to multiple funding sources. We are a client centric company that puts the financial needs of seniors in front of our own. We work with over 50 Institutional Buyers that have a vested interest in competing for the purchase of an array of different life insurance policies. The majority of our clients come from financial professionals and past customers; this truly is a testament to the services we provide. The company is dedicated to providing client centric services and higher payouts for each customer. Ideal Settlements is committed to taking all the necessary steps throughout the life settlement process, assuring each applicant the most money for their life insurance policy.
A Kentucky life settlement is an option that many more seniors are now considering. A Kentucky senior life settlement can be beneficial to those clients that have immediate financial needs. We have provided a list of areas below which consist of highly populated areas where seniors reside: Ashland, Barbourville, Bardstown, Benton, Bowling Green, Campbellsville, Catlettsburg, Corbin, Covington, Crestwood, Cynthiana, Danville, Elizabethtown, Erlanger, Florence, Fort Thomas, Frankfort, Franklin, Ft Mitchell, Georgetown, Glasgow, Grayson, Greenup, Greenville, Harlan, Harrodsburg, Hazard, Henderson, Hindman, Hopkinsville, Jackson, La Grange, Lebanon, Leitchfield, Lexington, London, Louisville, Madisonville, Manchester, Mayfield, Maysville, Middlesboro, Morehead, Mount Sterling, Murray, Newport, Nicholasville, Owensboro, Paducah, Paintsville, Paris, Pikeville, Prestonsburg, Prospect, Radcliff, Richmond, Russell, Russellville, Salyersville, Shelbyville, Shepherdsville, Somerset, Versailles, Whitesburg and Winchester.
The life settlement industry in Kentucky 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 or life settlement transaction in some states. Please contact us for more information. Copyright 2009 © Ideal Settlements
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