Life Settlement funds nursing home expense

Recently, the son of an 88 year old male approached Settlement Benefits Association to request an appraisal on his father’s life insurance policy.  The son could no longer afford to pay both the premiums on the policy and the nursing home expenses the father required.  Although the $205,000 policy is considered small in our industry and the insurance carrier rating was “B”, we were able to overcome these hurdles and generate bids by showing his extensive medical history to the life expectancy underwriters.

The final offer satisfied the son, and we were to complete the transaction for the family.

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Life Settlement licensing requirements vary by state. In some states, life agents and other financial professionals must be licensed to source policies or receive commissions. Settlement Benefits Association is not licensed in all states. Some or all of the proceeds of a Life Settlement may be taxable under federal or state income tax laws. Advice from a professional tax advisor is recommended. This web site is not currently approved in the states of Oklahoma or Texas. This web site does not apply to variable life settlements. Receipt of proceeds may impact eligibility for government benefits and entitlements. Prior to sale, the insured should consider the continued need for coverage, impact to estate plans, availability of insurance, cost of comparable coverage or tax implications.