These are the most frequently asked questions that we receive. Just
click on any of the questions below and the site will take you to the
answer.
If you do not find the answer to your question on the site or
in the FAQ's, please email us at info@PoliciesUSA.com ,
or call us at 1-800-588-9892 and our staff will supply the
answer to your question or do research to find the right answer.
Remember There Is Never A Dumb Question!|
What is a Life Settlement or Viatical?
Is it Really Legal to Sell
and Buy Someone Else's Life Insurance Policy?
Are More and More People Using this Service?
What are Some Of The Reasons Why I Might Consider
the Sale of My Policy?
Do I Have to Pay Premiums after I Take Part in
a Life Settlement?
What Happens To The Policy After I Sell It?
Is There A Minimum Age Requirement?
What Is The Minimum Policy And Maximum Face Amount
That You Buy?
What Factors Determine How Much Money I Receive?
What Do I Need To Get Started?
How Long Will It Take To Appraise My Policy And
Tell Me What It Is Worth?
Are The Proceeds From A Life Settlement Taxable?
Can I Donate My Life Insurance?
Q. What is a Life Settlement or Viatical?
A. Life Settlement refers to a transaction involving an insured who is not terminally or chronically ill and usually over the age of sixty-five (65). However, within the laws and regulations of each state, these terms are not consistently used in this manner.
For example, some states use the term “Viatical Settlements” to refer to the sale of all life insurance policies, regardless of whether the insured in terminally or chronically ill or not. And at least one state uses the term “Life Settlements” to refer to all transactions, including ones in which the insured is terminally or chronically ill.
A Viatical and/or Life Settlement is the sale to a third party of an existing life insurance policy for more than its cash surrender value but less than its net death benefit. The industry generally uses the term “Viactical Settlement” to refer to a transaction involving a terminally or chronically ill insured who life expectancy is less then 2 years.
Q. Is it Really Legal to Sell and Buy Someone Else's Life Insurance Policy?
A. Yes, once a life insurance policy is issued and put in force it becomes the property of the contract owner. Much like any other asset, the policy owner has the right to dispose of the policy in any manner that he or she may choose after the contestable period has passed
Q. Are More and More People Using this Service?
A. Currently some of the most prominent and respected financial professionals
are taking part in life settlements. The life settlement market is buying
billions of dollars in life insurance every year.
Q. What are some of the Reasons Why I Might Consider the Sale of My Policy?
A. These are the most popular reasons:
Q. Do I Have to Pay Premiums after I Take Part in a Life Settlement?
A. No, you do not have to make premium payments after you sell your policy,
because the policy has been purchased by the independent entity and who
now owns the face value, and therefore assumes payment of the premiums
Q. What Happens to the Policy after I Sell it?
A. All rights and obligations of the policy are transferred to the new
owner. You will no longer be responsible for premium payments on the
policy. The new owner will assume responsibility for the premiums and
name a new beneficiary of the policy who will collect the proceeds upon
the insured’s
passing. The purchaser of the policy never use your name ,address or Social
Security Number you would be referred to 1276- Male 67 $250K. the purchaser
will hire an out side firm to periodically check your SS# to check if
you have passed on.
Q. Is There A Minimum Age Requirement?
A. Institutional funders usually purchase policies from insured people
who are the age of 65 or older. If the insured is younger than this age,
please contact our office
Q. What Is The Minimum Policy And Maximum Face Amount That You Buy?
A. $20,000 of Face Amount, however the typical policy is $250,000 or
more. Please keep in mind we respect our client’s individual needs
and give everyone the same high level of service. We have started a
small policy group with any policy over $20,000
Q. What Factors Determine How Much Money I Receive?
A. These are the most important factors:
Q. Is the Process Confidential?
A. Yes. all POLICIES USA personnel and its affiliates are guided by the highest standard of confidentiality. Therefore, no medical, financial or other personal information about the seller and/or the insured (which POLICIES USA or it affiliates obtain as a result of the transaction), will be disclosed to any other person or entity not a part of the process, without the seller and /or insured specific written consent, unless required by law.
Q. What do I need to get started?
A.The process is simple, easy to do and non-intrusive. Simply contact our office at 1-800-588-9892 and our qualified staff will walk you through the process step-by-step to begin the process there is form for you to fill out Under Getting Started. You could fill the form and just submit it to us and will work with you by email.
Q. How Long will it Take to Appraise My Policy and Tell Me What it is Worth?
A. The process of appraising your policy is actually quite short, only taking about 4-6 weeks. The application is the lengthiest part of the process. However, we ensure that our staff will keep you informed; we monitor the process and make sure that it is not time consuming for you.
Q. Are the Proceeds from A Life Settlement Taxable?
A. The proceeds from a Life Settlement are generally tax free up to the
amount of premiums paid for the policy. The difference between that amount
and the cash surrender value is generally taxable as ordinary income. Amounts
received in excess of cash surrender value are generally taxed as capital
gain. We strongly encourage sellers to consult their own tax and financial
advisors before completing a transaction so that they can determine your
tax impact from the sale. We always recommended checking with a tax professional
before you file your returns.
Q. Can I donate my life insurance?
A. Yes, you can donate your life settlement to almost any charity. Contact
us for more details.