FAQs
WHAT IS A LIFE SETTLEMENT?
A life settlement is a financial transaction in which a policy owner sells his or her life insurance policy to a licensed life settlement provider for more than its cash surrender value but less than the death benefit
WHAT TYPES OF LIFE INSURANCE POLICIES QUALIFY?
Most types of life insurance qualify, including universal life, whole life, key man, group life and even term life.
CAN I SELL A PORTION OF MY LIFE INSURANCE POLICY?
It is possible to sell your policy, eliminate premium payments and keep a portion of the death benefit.
HOW CAN A LIFE SETTLEMENT HELP ME?
Selling your policy can supplement your retirement income, free up cash that was being used to pay premiums, fund a long-term care policy, cover unexpected medical expenses or pay off debt. If you still need insurance, you can retain a portion of your coverage while eliminating your ongoing premium payments.
HOW MUCH COULD I EXPECT TO RECEIVE IF I SELL MY POLICY?
If you choose to sell your policy you may receive on average more than four times what you would receive from surrendering your policy back to the life insurance company (London Business School Study, June 2013). Every case is different, and each individual situation is determined by several factors. However, the size of the payment is determined by variables such as your health, the type of insurance policy you have, and the policy’s premiums.
WHY DOESN’T FUTURE HEALTH OFFER A LIFE SETTLEMENT CALCULATOR?
Life settlement calculators that offer “instant” results are based on limited information, typically just the size of the policy, age and the general health of the insured. They only provide rough estimates of value that are frequently incorrect and often create misleading expectations.
Each policy owner is unique and we want to provide you with the most accurate information possible. Therefore, we believe that personal attention from an experienced Future Health policy specialist is the best approach.
DO I QUALIFY FOR A LIFE SETTLEMENT?
To learn whether you are eligible to sell your policy, just complete our online qualifier to get started. Or you can call us at 201-608-5161.
CAN I USE THE CASH FROM SELLING MY POLICY ANY WAY I WANT?
There are no restrictions on the use of the proceeds. Many policy owners use the money to fund long-term care insurance, cover medical costs and/or supplement their retirement income. The choice is yours.
HOW ARE LIFE SETTLEMENTS TAXED?
For an accurate assessment of your life settlement tax obligations, please contact your trusted financial advisor or accountant. Future Health does not offer tax or legal advice. You should consult your own tax or legal advisors before entering into any transaction.
IS MY INFORMATION KEPT CONFIDENTIAL?
Keeping your personal information private is critically important to us. Our advanced transaction procedures and heavily detailed privacy policy are designed to ensure that your identity is never revealed to anyone without your consent.
Do I still qualify if I have a terminal illness?
Life settlements for patients with a terminal or advance-stage illness are also known as viatical settlements. As with life settlements, viatical settlements vary based on an individual policy owner’s situation. Generally, most people who are coping with such illnesses are well-qualified for this type of settlement.
Is a Life Settlement legal?
Yes. In 1911, the Supreme Court recognized that life insurance policies are fundamentally an asset. They are the personal property of the individual owner. Therefore, it ruled that it was legal to transfer ownership.
FUTURE HEALTH’S PHILOSOPHY?
Protecting your confidential information is of paramount importance to us. Our goal is for you to have complete peace of mind from start to finish, and we’ve structured our entire process toward that goal. There are no upfront fees, and even after you’ve started the process, you are not obligated to sell your policy or to accept any offer. A third party escrow company is also used in every transaction to provide additional comfort and protection.
Find out how Future Health can help you by completing our online qualifier or calling 201-608-5161 to speak with a Future Health representative