Baltimore Life Insurance

A Baltimore Life Insurance Settlement is the sale of a life insurance policy to a third party in exchange for a cash settlement in excess of the policy’s cash surrender value—even if none exists! This is also called as Life Insurance settlement, Insurance settlement or Senior settlement.

This innovative wealth and estate planning tool removes the burden of expensive insurance premium payments in Baltimore in addition to providing the lump sum cash settlement. To get the highest life settlements is to improve the quality of life during your retirement years.
Hitherto, the elderly in Baltimore with life insurance policies they do not need or cannot afford to keep up have had little option. They will let the policies lapse or sell them back to their insurers. Now lots of them are glad to have an alternative buyer. Clients may now be able to sell their policy for far more than the cash surrender value the insurance carrier would offer.

Baltimore clients will often ask if there are any restrictions on what the cash payment can be used for. The answer is that there are no restrictions whatsoever on what the cash payment can be used for. They can use the money to purchase new insurance, travel the world, start a business, buy a property or fulfill their dreams. The money is theirs to simply enjoy and use it for any reason they can think of. In fact, seniors can use the cash settlement for medical expenses, living expenses, or anything they desire—with no restrictions.

How much money will the clients get when they go for Life insurance settlement?
The value of a Baltimore life insurance policy is determined by a number of factors. Typically, a Life settlement is about three to five times the cash surrender value of the policy.

What Life Insurance Policies Qualify for Insurance settlement?

1. Must be at least 65 years of age
2. The face value of the policy is at least $50,000
3. The insured has experienced deterioration in health since the insurance policy was issued; life expectancy is under 15 years
4. The insurance policy is in effect beyond the two year contestable period

What types of polices are purchased?
Any policy owner, including individuals, corporations, charities or trusts, may sell any life insurance policy, including group and term policies.The life insurance settlement value could be potentially much higher than the cash settlement of your life insurance policy. Don’t continue to pay expensive premiums for coverage you no longer need, and don’t surrender the policy or let it lapse.

The Life insurance settlement or Senior settlement solution is typically the Win-Win scenario that you have been looking for.

If you or some body you know, would like to start the process to secure the Life Insurance Settlement than please visit http://www.Financial-Ease.comAbout The AuthorPaul Sherman is a Cash Flow Consultant. He offers free, professional and independent advice to Individuals, Business owners and Seniors. To secure a Life Insurance Settlement or Structured Settlement funding please visit http://www.Financial-ease.com.  

Many seniors in Baltimore own life insurance policies that they no longer need or want, or that they can no longer afford. Often, they allow their policies to lapse or cash them into the insurance company for the surrender value. What many seniors don’t realize is that their unwanted life insurance may be worth much more if sold to an Baltimore investor in a life settlement. A Life Settlement is the sale of a life insurance policy by the policyowner, before the policy matures. Such a sale, at a price discounted from the face amount of the policy, but in excess of the cash surrender value, provides the seller an immediate cash settlement.

Life Settlement History

Life Settlement industry evolved out of Viatical Settlements.

In the mid-80’s AIDS became an epidemic, A number of AIDS patients were told that they only had a limited time to live. Many of these patients in Baltimore owned life insurance policies. They knew that when they died, their family would receive the death benefit but they needed money today to pay medical bills or enjoy the rest of their lives. In stepped Viatical Settlement companies. These companies purchased policies on terminal patients and sold them as retail investments to individual investors. The AIDS patients got money they needed today and the investors got the promise that when the patient died they would get the death benefit.

The Life Settlement Market

In the 90’s the Life Settlement market was born as companies and investors turned towards buying unwanted life insurance policies from seniors. According to Sanford Bernstein, the industry grew from $0 in the mid 1990’s to approximately $13 billion in 2005. Bernstein estimates the life settlement market will reach $160 billion over the next several years. The penetration rate in Baltimore is expected to exceed 20% as awareness and the size of the market is increased over the next 20 years.

Life Settlement Case Studies

Below are some real life case studies that illustrate ways that others have used life settlements to increase their net worth:

Case 1:

Settlement Frees up $966,000 in Cash for Annuity purchase

 This case involved an 82 year old female who owned several policies totaling $4.6 million. She no longer wanted to pay premiums for the insurance and was going to accept the cash surrender value of $236,548. Her intent was to use the policies’ cash value to help fund the cost of an assisted living facility.

 Her advisor recommended a life settlement for each policy, and she agreed. Ultimately she received a settlement of $966,000 – more than 400% greater than the cash surrender value – and used those funds to purchase an annuity. The annuity payments now help cover the costs of the assisted living facility.

Case 2:

Settlement Proceeds Stabilizes Trust

 This case involved an 81 year old female, owner of a $5 million life insurance policy with a surrender value of $196,866. Since the insured had lost interest in maintaining the policy and no longer wished to make gifts to the trust for premium payments, the cash surrender value was rapidly depleting as premiums were being deducted from the cash value. Working with her financial advisor they conducted a review to determine whether the policy should be surrendered or whether a Life Settlement would be more advantageous. The advisor provided an offer of $556,000 – over three times the cash surrender value.

Case 3:

Settlement Allows Policyowner To Purchase Paid-Up Policy

 A 78 year old male decided to allow his $1,250,000 policy to lapse. He had significant medical expenses and could no longer justify the $39,536 annual premium. After reviewing the available options with his advisor they decided to pursue a Life Settlement. He was able to secure an offer of $490,000. The policyowner and advisor decided to use some of the proceeds to purchase a paid-up $500,000 policy and the remainder helped to ease the burden of the policyowner’s medical costs.

Case 4:

Policyowner Makes $797,000

• A 74 year old in good health purchased a $10mm Life Insurance Policy. He paid-$536k for two years of premiums. After the policy is two years old, he sold the policy for $1,333,333 in the secondary market representing a $797,000 profit on his investment.

If you are 70 and over, and have an insurance policy that you were going to get rid of anyway, you owe it to yourself to explore whether a life settlement might be a better option.

About The Author
Matthew Tuttle, CFP®, MBA, is President of Tuttle Wealth Management, LLC, in Stamford Connecticut. He is also the author of “Financial Secrets of my Wealthy Grandparents”. For more information, or to sign up for his free newsletter please visit http://www.matthewtuttle.com.
Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP®, Certified Financial Planner™ and federally registered CFP (with flame logo) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Like other companies who purchase leads, Baltimore life insurance companies are taking full advantage of the Internet so that customers can go the company website and receive free quotes. Life Insurance is an insurance policy that provides an agreed amount of coverage over an agreed term, so that should you die during the policy term, a lump sum is paid out. Obtaining a whole life insurance policy is like providing security for the next generation of your family.

If you have preexisting medical conditions or are in bad health, you can still get a life insurance quote and take the first step in providing for the future of your family. Getting a quote on life insurance may the first step in protecting your loved ones from financial hardship. Obviously, the first step is to fill out an application for your life insurance quote online.

While online life insurance request forms are a great way to quickly to request a life insurance quote, they are not the only way. You can easily find a number of different online life insurance quote forms by visiting the websites of local Baltimore or national life insurance companies. There are a number of different types of whole life insurance policies, and consumers can select the one that best fits their needs and their budget.

There are four different types of term life insurance policies one of which is renewable term insurance. If you purchase a term life insurance policy, look for guaranteed and renewable policies.

If you already have a life insurance policy, say from your employer, you still may want to add to add to your coverage by increasing the coverage or taking out an additional policy.

Find the cheapest rates in Baltimore at: www.CheaperGroupInsurance.com

More than 40% percent of adults in Baltimore have no life insurance whatsoever, and over 50 million people in this country lack adequate life insurance, according to recent studies.

Fortunately, Baltimore life insurance rates are becoming more and more affordable and have even dropped in price during the past few years. If you’re searching for a life insurance policy to protect your family’s future, now is a great time to do it!

To make sure you get the best rate on life insurance, follow these tips:

1. Make Healthy Choices — Healthy people pose less risk for insurance companies, and thus receive better rates. To keep your rates as low as possible…
   • Buy life insurance when you are young.
   • Exercise, avoid tobacco, and maintain a healthy weight.
   • If the insurance company requires a medical exam, schedule it for the morning, when your blood pressure, cholesterol, and stress levels are better.
2. Get Quotes from Several Companies
   • Rates vary from one insurance company to another because each company has its own underwriting guidelines. So one company’s premium can be hundreds of dollars more each year than another company.
   • To make it easy to compare companies, go to an insurance comparison website. Here you can get price quotes from the top-rated companies in your city at the same time.
   • As you compare policies, make sure the policies you compare have similar features, options, and coverages. You also want to ensure that the company you choose is licensed in your city, is financially strong, and has a good customer service record. You can check these facts by going to your state’s Department of Insurance website.
   • Also remember that most life insurance policies give you a “right to examine” period of at least 10 days. During this time, you can cancel the policy for a full refund. Use this time to review your policy carefully to be sure it’s right for you.

Visit www.CheaperGroupInsurance.com to get Baltimore life insurance rate quotes from top-rated companies and see how much you can save!