Before beginning the life settlement process you must first determine if you meet the list of criteria. Keep in mind that the list of criteria listed below is meant to act as a basic parameter and that each case is evaluated on a case-by-case basis. Typically, in order to sell their life insurance policy, policy holders must:
-be at least 65 years of age or older
-have either a Term, Whole life or Universal Life policy
-have a policy whose face value is valued at $100k or more
-have a policy that has been in force for at least 2 years
Determine your Eligibility Status. Selling your life insurance policy is a great way to get a little extra cash in your bank account and avoid paying high premiums. Not only are the benefits of life settlements virtually endless, but the process of selling a life insurance policy is hassle-free for Genesis clients. Below is a brief outline of the life settlement process in sequential order.
Contact a Broker. Since our beginning in 2007, Genesis has taken pride in being able to carry out our mission of placing our clients and delivering results that are well above satisfactory. As one of the leading life settlement brokerage firms in the industry, we like learn about the needs and wants of our clients in relation to the services that we provide. To ensure complete satisfaction we present our clients with a number of different options that will yield the most favorable results. By contacting one of our representatives with any questions or concerns you may have, we will become better equipped to service your life settlement needs and provide you with a solid understanding of life settlement process.
Complete Initial Paperwork. After getting in touch with one of the members of our team, you will then be promoted to complete a few forms. These forms were created with our clients in mind and are therefore simple and clear guided. The data obtained through the paper work will provide us with the information that is necessary to jumpstart your settlement case. Most often this includes information regarding your policy, medical history, etc.
Sit Back and Relax. Now that you have completed all of the necessary paperwork, you can sit back, relax, and let Genesis do all of the work for you. During this stage of the game we will conduct life expectancy studies, gather relevant information from your medical records and send your completed case out to our large network of funders.
Collect your $$$. After the case is sent off and an investor is chosen to purchase your life insurance policy, the final and perhaps most exciting part of the process is not set into motion. During the final stage monetary figures are tossed around and Genesis is then able to procure a lump sum of money from the sale of the policy, for the client. You are then able to accept the offer and walk away with you cash in hand.
Depending on the individual case, the life settlement process can take anywhere from a few months to six months or so. During this time, Genesis will guide you through the entire process and provide detailed updates all along the way. For more information on the life settlement process or to get started today, give us a call at 877-303-9777.