Your Life Insurance Policy Could Save Your Financial Life
Twenty years ago, you got married, had kids, bought a house and bought your first life insurance policy to protect everything, just in case the unthinkable happened. Life insurance was “have to have coverage, who would have guessed you didn’t have to die to cash in on it, says Frank N. Darras, the nation’s top Long Term Disability Lawyer. 
Unprecedented economic times, rising unemployment, bank failures, the mortgage crisis is putting horrendous pressure on millions of families. It’s hard enough to put food on the table and keep a roof over your head let alone pay rich monthly premiums for life insurance. Out of the blue, a television ad offers hope, “strapped for cash, try an easy, fast, life settlement,”
A lot of people are under the mistaken belief you need a catastrophic illness and a diagnosis of certain death to sell your life insurance policy. Not anymore today. See www.darrasnews.com.
“Radio, TV, the internet and YouTube are loaded with ads about selling your life insurance policy. Sales last year toppled ten million dollars and it’s the lasts boon on Wall Street” says Darras the Insurance Attorney.
Why Wall Street loves life settlements:
“We are all going to die, that is certain, says Darras, but we have been paying premiums to companies we will not die insured with and the insurance industry has made billions off us”. How many times since you originally bought life insurance have you switched insurance companies for a cheaper premium? You get a new agent, you’re shown a better, financially safer company, more coverage for less money and we dump what we had, creating a windfall for the industry. Now, the carriers are hopping mad because when you sell your life insurance policy to an investor, they never miss a premium and the carrier has to pay off the investor when you die.
Wall Street has created bond portfolios to fund investor purchases. Its’ the safest bet on the planet and they are buying up term, universal and whole life policies across the country.
There are plenty of good reasons to sell your life insurance, especially in the current economy. For instance, if your premiums are too high and the policy is going to lapse, sell it. If your health has taken a serious turn for the worse and you need money to pay for life saving off label medical treatment, sell it. If you bought your policy when you were young and your kids are grown and your family dynamic has changed, sell it. If you had an expensive policy because of poor health and your health history has improved, sell it. Divorce, sell it. Kids are grown and on their own, sell it. If your company is going out of business and you were provided life insurance as a company benefit, convert the coverage and sell it. If you have lost everything and literally have nothing left to sell, sell your life insurance policy.
Carefully shop your life insurance policy with a national company that has been around doing life settlements for at least 10 years and has a proven track record. Ask your agent or broker for three quotes for sale, in writing. Have your agent or brokers disclose their commission for the sale in writing and don’t be bashful, everything is negotiable
Whoever is marketing your policy for sale needs all your current medical information so the company considering the purchase can send your file out for a mortality assessment. The purchasers are trying to ballpark when the angel of death will be visiting you so everything must be included. Even confidential notes that may upset loved ones if they learn you had plans to end your own life or you had suicidal ideation need to be included. These are the most crucial records and they will be privately, confidentially evaluated by doctors to assess your current state of health. Make sure that all your medical information is on the table so your mortality is fairly evaluated.
If you are receiving Medicaid or income assistance, the money you receive from the sale of your life insurance policy will be a factor, so get competent advice before you sell. A cash payout that is more than the premiums you have paid in will result in a tax call from Uncle Sam, so be sure to add that to the equation when selling your policy.
“Selling your life insurance for cash may be a smart move for you and your family in these tough times. Make sure you get the maximum amount by working with an agent or broker you trust ” says Darras the ERISA Lawyer.
