Saturday, March 2, 2013

Life Settlement Questions

Life Settlement Questions for alert babyboomers. Life Settlement companies have been talked about by just about everyone from Frank Kaiser of the senior journal "Suddenly Senior" to Kai Ryssdal of NPR's  Marketplace. Finding reliable companies can be a daunting task. Here are a few common sense questions you should ask any company if you are considering this option.

Questions to ask Life Insurance Settlement Companies

  • Is the company licensed or registered for life settlements in your state?
  • Does the company have the funds available or will they need to find an investor? 
  • How long will it take to get the money?
  •  How will the money be delivered? Company check? Certified bank check? An escrow account is probably the best solution.
  • In the contract, when and how are the funds to be delivered? This should be your worst case scenario. Usually the company will deliver the funds in a few days. Still it would be best to know what the contract says.
  • Many states require Disclosures. A statement which tells the seller his rights and options. If the agent forgets to tell you about it you should ask for it. Also have him explain anything you do not understand.
  • Ask what happens if you change your mind. This is called Recission. Usually there is a period of several days where you can opt out.
If you can think of other Life Settlement Questions please add them to the comments below.

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