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Pennsylvania Life Settlement
A Pennsylvania life settlement is a way to gain access to a lump sum of cash without having to borrow or deplete your life savings or investments. If you are currently evaluating a life settlement in Pennsylvania, you should only consider those companies that will put your financial interests ahead of their own. A life settlement can be advantageous to those seniors that no longer need or can afford the ongoing costs of maintaining their policy.
If you are a senior in Pennsylvania and searching for a life settlement, consider working with those companies that provide more options. A Pennsylvania life settlement company may provide more options through a competitive bid process. A competitive bid process consist of shopping a life insurance policy through a network of institutional buyers in the secondary markets. By shopping your life insurance policy through a network of buyers, it may give the policy owners a better chance of securing a larger cash amount for the policy. Another important factor is their ability to negotiate the highest cash value for a policy. The life settlement industry in Pennsylvania is regulated to protect the financial well beings of seniors. A life settlement transaction can only take place if the company or broker has proper licenses within the state.
A list of the different life settlements in Pennsylvania that can be shopped in the secondary market: The qualifications for a Pennsylvania senior life settlement may vary depending upon the buyer; some of the qualifications may include:
- Age of 65 years or older is preferred
- A life expectancy of 12 years or less or is terminally ill
- Face value should be at least $100,000 - no maximum on a policy
- Change in health status since the life insurance policy was issued
The different financial professionals throughout Pennsylvania that recommend life settlements to their senior clients may include:
- Tax Attorneys & Lawyers
- Financial Planners
- Financial Advisors
- Accountants and CPA's
- Life insurance Brokers and Agents
- Estate Planning Professionals
A life settlement company or broker doing business in Pennsylvania should pay the expense of ordering medical and life expectancy records for each senior applicant. A Pennsylvania life settlement company should also assume the costs of processing, packaging and sending the documentation on behalf of their client. Whether the company is working with their senior client, family member or financial professional, they should always take on the expenses associated with a life settlement transaction.
Several reasons why seniors secure life settlements in Pennsylvania include:
- Eliminates high premium payments
- Medical expenses & ongoing medical expenses
- Charity
- Policyholder has outlived the beneficiary
- Estate size has changed
- Long-term care
- Assistant living & retirement home costs
- Family members need the money
- Falling into debt or bankruptcy
- Provides money for other investment opportunity
- Payout is much higher than selling the policy back to the insurance carrier
Pennsylvania life insurance settlements have different qualifications and requirements than a Pennsylvania viatical settlement.
Ideal Settlements
Ideal Settlements currently works with over 50 institutional buyers that bid on the life insurance policies of our customers. Ideal is a client centric company that puts the financial needs of our customers ahead of our own. The majority of our customers come from financial professionals and past clients; this is a testament to providing the highest payouts for our customers. Ideal Settlements is an experienced life settlement company that works with seniors interested in selling their life insurance policy in the secondary markets through a competitive bid process. We put each policy in front of multiple institutional buyers assuring our clients the most competitive buyouts for their policies. The company always takes the necessary steps throughout a life settlement process, assuring no information is overlooked and the process runs smoothly. While we focus on providing a great service for each client, our main goal is getting the highest cash value for a life insurance policy.
Please Note: Life insurance companies do very little educating seniors the benefits of a life settlement. Insurance companies have always made profits on lapsed policies and it's in their financial interest not to educate consumers this option exists. If a policy lapses for any reason, there is a chance the insurance company will not pay the death benefits to the beneficiary at the time of death. If you no longer can afford the life insurance premiums you may consider selling your policy back to the insurance carrier that issued the policy. The other alternative is having your policy shopped in the secondary market for a larger payout than the surrender value.
Below we have listed the areas throughout Pennsylvania that have a high population of senior citizens: Abington, Aliquippa, Allentown, Allison Park, Altoona, Ambler, Ambridge, Ardmore, Bala Cynwyd, Beaver, Beaver Falls, Bedford, Bellefonte, Bensalem, Berwick, Berwyn, Bethel Park, Bethlehem, Bloomsburg, Blue Bell, Boyertown, Bradford, Bristol, Brookville, Broomall, Bryn Mawr, Butler, Camp Hill, Canonsburg, Carbondale, Carlisle, Carnegie, Center Valley, Chadds Ford, Chambersburg, Charleroi, Chester, Chester Springs, Clarion, Clarks Summit, Clearfield, Collegeville, Connellsville, Conshohocken, Coraopolis, Cranberry Twp, Danville, Downingtown, Doylestown, Drexel Hill, Du Bois, Easton, Ebensburg, Elkins Park, Ephrata, Erie, Exton, Fairless Hills, Feasterville Trevose, Fort Washington, Frackville, Franklin, Gettysburg, Glenside, Greensburg, Greenville, Hanover, Harleysville, Harrisburg, Hatboro, Haverford, Havertown, Hawley, Hazleton, Hermitage, Hershey, Hollidaysburg, Honesdale, Horsham, Huntingdon, Huntingdon Valley, Indiana, Irwin, Jenkintown, Jim Thorpe, Johnstown, Kennett Square, King of Prussia, Kittanning, Lafayette Hill, Lancaster, Langhorne, Lansdale, Lansdowne, Latrobe, Lebanon, Lehigh Valley, Levittown, Lewisburg, Lewistown, Lock Haven, Malvern, Mc Keesport, Meadville, Mechanicsburg, Media, Mercer, Merion Station, Milford, Monroeville, Montgomeryville, Montrose, Morrisville, Murrysville, Narberth, New Castle, New Cumberland, New Holland, New Kensington, Newtown, Newtown Square, Norristown, Oil City, Palmerton, Paoli, Perkasie, Philadelphia, Phoenixville, Pittsburgh, Pittston, Plymouth Meeting, Pottstown, Pottsville, Punxsutawney, Quakertown, Reading, Richboro, Scranton, Sewickley, Shamokin, Sharon, Shippensburg, Slatington, Somerset, Souderton, Southampton, Spring House, Springfield, State, College, Stroudsburg, Sunbury, Swarthmore, Towanda, Tunkhannock, Uniontown, Upper Darby, Valley Forge, Warminster, Warren, Warrendale, Warrington, Washington, Wayne, Waynesboro, Waynesburg, Wellsboro, West Chester, Wexford, Wilkes Barre, Williamsport, Willow Grove, Wyncote, Wynnewood and York. The life settlement industry in Pennsylvania 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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