In recent news, Hurricane Ian made landfall as a Category 4 storm on Florida’s southwest coast, quickly sweeping the state and nearby areas. Many states faced damages caused by the storm and are still working to recover their homes and belongings. The travesties caused not only take a mental toll on those affected, but a large financial toll as well. Relying solely on money paid out by renter’s or home owner’s insurance may not cover all the needed costs, leaving many to look elsewhere for the extra funds.
A route many individuals may not have considered is the option of a life settlement, which is the financial transaction of an existing life insurance policy to a licensed life settlements buyer for more than its cash surrender value, but less than its death benefit. The policy owner transfers ownership and beneficiary rights to an institutional investment fund, like Abacus Life Settlements. The insured receives a lump-sum cash payment that can often be 4 to 6 times greater than the cash surrender value in exchange for transferring ownership to Abacus Life. The money belongs entirely to the policy seller and can be spent at their discretion. Life settlements can also be in the form of a paid-up death benefit.
Life settlements could offer seniors some financial relief to repair the damages caused by these natural disasters. The minimum qualifications for a life settlement are as follows:
- Own a life insurance policy with a $100,000 or more in death benefit—anything less than that typically does not qualify, unless there are considerable health impairments.
- Life insurance policies typically qualify if you are age 70 or older, or younger with considerable health impairments.
- A decline in health from the time when the policy was issued may help better your chances to qualify, but it is not necessary.
It is important to note that each life settlement case is distinctive, therefore, these aforementioned factors should only be used as general guidelines. It is always a good idea to reach out to a representative to discuss your specific case; a member of Abacus Life can enlighten you about the process at 800-561-4148. You can get an instant policy value calculation by utilizing the Abacus Life Settlement Calculator here. All you need to input is your full name, email, phone number, gender, age, policy amount, policy type, and determine your level of health based on our markers.
Whether you need funds for hurricane disaster relief, or to cover medical bills, supplement your retirement or halt costly premium payments, a life settlement could be the answer. If you or someone you know could benefit from this lucrative financial option, feel free to reach out to the Abacus Life team and they will educate and walk you through the entire process. There is never any obligation to sell your policy. Abacus Life has been ranked #1 for percent paid per face value to policy sellers year-over-year. Abacus can be reached at 800-561-4148 or at [email protected].
