Insurance Premiums

Life Settlements, also commonly referred to, as Life Insurance Settlements are quickly becoming an exciting financial planning tool for seniors and the financial advisors who assist these seniors.

Term Life Insurance Policy The initial process before determining if a settlement is available is meeting a few of the basic requirements. The types of insurance policies that can be considered for a life settlement are universal life, whole life, variable life, survivorship (any type), adjustable life, joint first to die, and term insurance (if convertible). It is also common practice for the insured to be over the age of 65.

Is there an advantage to submitting a premium payment with my term life insurance application Yes – there is a definite advance to submitting money with your term life insurance application. Many people don't realize that your term life insurance policy will not be effective until the first premium has been paid. It's unfortunate, but we have seen many untimely deaths happen when people were in the midst of the term life insurance application process.

Life Insurance The process begins with when the individual policyholder "cases" are submitted to a Life Settlement Broker or Company through a completed application and a HIPPA release form.

Redating The process by which an insurer reinstates a term life insurance policy without requiring the payment of past due premiums. up Insurance Option A nonforfeiture option under which the net cash value of a term life insurance policy is used as a net single premium to purchase a smaller amount of fully paid insurance of the same kind and for the same period as the policy being surrendered.

Insurance Life Premium Policyholders will provide a current policy illustration, medical records, for the insured, as well as other documents that may be requested.

Deferred Premiums Premiums that are due after an insurer’s Annual Statement date but before the next policy anniversary. Demutualization The process of converting a mutual insurance company to a stock insurance company. Dependent Life Insurance Group life insurance made available to group members, usually on an optional and contributory basis, to cover the spouse, children, or other dependents of the group member. It is usually sold in small amounts which are intended to pay funeral expenses.

Health Insurance Policy After a completed thorough evaluation of the policy, a potential life settlement value is determined for each individual case submitted. This evaluation includes a review of submitted medical records by an independent medical underwrite. A medical exam or physical is NOT required.

Mode of Premium Payment The frequency with which premiums are paid (for example, annually, quarterly, monthly). Premium Whole Life Insurance A type of whole life insurance in which the policyowner pays a lower than normal premium for a specified initial period, such as five years. After the initial period, the premium increases to a stated amount that is somewhat higher than usual. This higher premium is then payable for the life of the policy.

Health Insurance If the funding source is interested in purchasing the policy, an offer to purchase the policy is communicated to the policyholder's broker or financial advisor (Not all policies will qualify for a life settlement).

Individual Insurance Term life insurance that is issued to insure the life or health of a named person or persons, rather than the life or health of the members of a group. Also called ordinary insurance. Initial Premium The first premium payable for a term life insurance contract. Inspection Report A report made by a consumer reporting agency concerning a proposed insured’s lifestyle, occupation, and economic standing. An inspection report is considered an investigative consumer report, as defined by the Fair Credit Reporting Act.

Insurance Life Premium Return If the offer is accepted, closing documents are prepared and sent to the policy owner through their life settlement professional.

Whole Life Insurance Policy It is the policyholders chose if the want to accept or decline the offer. There is never any cost or obligation during the initial life settlement process. The settlement offer is determined on a case-by-case basis and evaluation of the policy is required before an offer can be made.

Auto Cheap Insurance Life Settlement Pro is a Life Settlement Broker and provides detailed information about life insurance settlements, life settlements, senior life settlements, licensed Life Settlement Company and more. LifeSettlementPro.com offers free Life Settlement Evaluations.

[ Comment, Edit or Article Submission ]