Two Things You’ll Need Before Getting A Life Settlement
Important Documents And Why You Need Them When Considering A Life Settlement.
Sometimes the best plan is to not sell your policy at all. Sometimes there are riders hidden in the fine print of your policy that are more valuable than a life settlement.
Most policyholders will begin their journey by speaking to companies that buy policies directly. Most of these companies will make a low offer, as low as 1% of the Face Amount. Most of them will also not make you aware of often-hidden options like “Accelerated Death Benefit” riders because in such a case they don’t make any money.
Even if planning to sell your policy with another company, Windsor is available to help you understand your options for no fee.
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You Will Need A Copy Of Your Policy
Reading through a life insurance policy is not fun. Windsor is available to comb through it and all of the fine print to verify that the policy is eligible for a life settlement and also that you don’t have other options that may be more valueable than a life settlement.
In Ted Muller’s case, neither his life insurance company nor the companies offering to “direct-buy” his policy made him aware of his death benefit rider. Windsor’s Cindy Deacon was the only person to point this option out to him, even though it meant she would not receive a commission.
The buyers in the Windsor Marketplace® and any direct buyer you consider will want to review medical records. Most buyers are looking for an LE(life expectancy) of 15 years or less. So even though the commercials on television make it seem like anyone over 65 can sell their policy, this simply isn’t the case, unless you are interested in accepting 1% of your policy’s Face Amount.
Why Does Your LE Matter?
The person buying your policy will be taking over your monthly premiums. So policies where the insured has a shorter LE are naturally more valuable because it means less money invested in monthly premiums. This is one good reason policyholders with significant health impairments like cancer should consider hiring a life settlement broker. The first offer is rarely the best offer.
Signed Releases For Medical Records
Gathering medical records can be time-consuming and frustrating. Windsor can do this for you.
Part of our process involves completing your Inquiry Form. One of the reasons this form is valueable is because you authorize Windsor to do this part for you. Even though the life settlement process moves faster if you do this part, we are happy to make these calls on your behalf.
Once we receive a copy of your policy and your medical records we can give you an idea of what your cash payment will be.
It’s important to know that Windsor takes your privacy very seriously. We don’t share your personal information with our buyers until they are serious about making an offer for your policy.
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