Life Insurance Settlements – Unlock the Cash From Your Life Insurance Policy Today

A life settlement, or the sale of a life insurance policy, is gaining popularity as a new opportunity for seniors to generate cash. By “cashing in” a life insurance policy, one can reap the rewards of an immediate cash payout without lapsing or surrendering the policy to the insurance company.

Faced with rising insurance premiums, increasing cost of healthcare and long-term care, more seniors today are choosing to sell their policies to third parties for a lump sum payment. Rather than let their policy lapse, seniors have the option of cashing out early and enjoying a higher quality of life.

Seniors can use the cash they receive from the sale to help pay for medical expenses, long-term care expenses, or everyday living expenses. Additionally, seniors are using the “unlocked” cash to travel, invest in a business or new property, or support their children and grandchildren. There are no restrictions or limits to how the cash may be used once the policy is sold.

How does it work?
Seniors who are over 70 and own a policy worth over $200,000 can sell their policy to an insurance buyer, otherwise known as life insurance broker or life settlement brokers.

By purchasing the whole, term, or universal life insurance policy, the buyer becomes the new policy owner. This means that the buyer takes over the premium payments and ultimately collects the full amount of the death benefit.

Who benefits?
As the policy holder, seniors may enjoy a higher cash payout upfront and the savings when the buyer takes over the ongoing insurance premium payments.

What’s the catch?
There is no catch. Settlements are legal and legitimate. Life insurance buyers are able to offer a cash payout because of the structure of their businesses and the financial market.

What should I know before considering a settlement?
The ideal time to sell a policy, otherwise known as taking a life settlement, is when:

1. The policy holder is over age 70
2. The policy is worth $200,000 or more
3. The policy holder is chronically ill, and/or their health is declining
4. Additional cash is needed to pay for cost of health care of long-term care
5. Policy holder is experiencing financial difficulties or needs additional funds to improve the quality of life
6. There is difficulty paying the premiums and are at risk of lapsing the insurance policy
7. The senior would like to remain financially independent

How much money can I expect to receive?
The lump sum payment will be determined on a case-by-case basis. It depends on a number of factors, including age and medical condition, the type and value of the policy and the premiums required to keep the policy active. A no-obligation appraisal of your policy can be requested before making the decision to sell it.

Any policy owner, including individuals, corporations, charities or trusts, may sell any insurance policy, including group and term policies.

What types of life insurance policies can be sold?
Universal Life, Whole Life, Variable Universal Life, Term, and Convertible Term Life policies, Joint and second-to-die policies are all policies eligible for sale.

How long does it take to get the funds once my policy is sold?
A general time frame is four to eight weeks to receive funds though the timing can vary. The buyers work to complete the process as quickly and efficiently as possible so that the money can be released to our clients as fast as possible.

Will I owe taxes on the money I receive?
Generally, the money received from selling the insurance policy will be tax-free up to the original policy’s tax-basis. Consult with a tax advisor regarding your specific situation.

How do I find a buyer for my policy?
Experts at http://www.LifeInsuranceBuyer are committed to achieving the highest value for their client’s insurance policies. Serving their clients with integrity and respect, Life Insurance Buyer offers free, no obligation, confidential policy appraisals for all qualified individuals. Contact Life Insurance Buyer at 1-800-LI-BUYER or 1-800-542-8937 to discuss your policy.

How to Find a Life Insurance Company

Ratings on Companies

Many people wonder how to go about choosing a life insurance company. In truth, there are several factors that can determine one’s decisions to pick one company over another. More often than not, the deciding factor comes down to the price of the monthly premium.

The premium needs to be affordable enough for one to pay it off each month without it making a huge dent in their finances. A good life insurance company does not want to bankrupt their clients with each premium – quite the contrary in fact.

Insurance companies want to keep their clients as happy paying customers so that they actually have a business to run. If there is no one paying the premiums, then there is nobody to insure.

Thus, life insurance companies will do everything they can to convince a prospective customer that they are the best possible choice.

Be Wary of Life Insurance Scams

However, keep in mind that companies that bend over backwards and offers great premiums may not actually looking out for one’s best interest. In order to avoid scams, read the fine print of their policies. Will loved ones receive the policy without due? Does it take a while for a claim to be filed? One should read reviews and comparisons of life insurance companies in order to weed out the bad ones. This will be easy to find because insurance companies are not like other holders as they are regulated by each state via a special commission. Thus, finding the truth about a company is actually quite easy. One can trust the sources and reviews found through the commission because they are an unbiased organization that was created to help people looking for life insurance policies.

The records are public, but it helps to understand how to read them in order to understand the reports. If a company looks like it has many issues, then one should also look at the number of claims it has handled. If the number is relatively low compared to the overall claims, then the chances are it is not a scam company.

The insurance commission is designed to help weed out bad companies that just exist to take advantage of people during delicate situations. There is no need for anyone to worry about picking a company that is fraudulent because most likely it will not happen. One just needs to trust their instinct.

Now, What is Next?

In conclusion, finding a life insurance policy that is both affordable and comprehensive is not so difficult after all. As long as one researches their top choices and considers them carefully, then there is nothing that they should worry about. A good life insurance company will not take one’s family for a ride should the need ever arise to make a claim. People can rest easy knowing that their family is well taken care of should anything ever happen to them. However, one should not worry about that as life still needs to be lived!

How to Find the Best Illinois Homeowners Insurance Company

How does one choose the best Illinois homeowners insurance company? It is certainly important when buying homeowners insurance in Illinois to get the company out there that will best fit your needs.

There are approximately 12 million people in the state of Illinois, thus making it one of the most populated states in the central region of the United States. With so many residents we can assume that the demand for homeowners insurance is very high. But with so many companies out there how can we get to the one that is best for us?

In this article you will be given a few tips and important information to assist you in this important process of choosing the best Illinois homeowners insurance company for your needs.

Financial Ratings And Illinois Homeowners Insurance Companies

When we speak about homeowners insurance in the state of Illinois we are speaking about a multimillion dollar industry. Because of this it is very important for you to get a company that is in good shape financially. Having an Illinois homeowner’s insurance policy is basically a way of protecting you and your family from any unexpected catastrophe or accident that might happen. Because it is based on the future it is important to see how well a homeowner insurance company is doing in the present.

A company that is excellent financially will more than likely not have any problem when it comes to assisting you with a claim or giving you money right away after an accident. Companies without good financial ratings usually take a little bit more to deliver the reimbursements after a claim.

There are several ways in which you can check a company’s financial strength. You could either call the company and ask an agent for the latest financial rating figures, or go online and search in their websites. There are also rating companies such as A.M. Best, Standard and Poor’s, Fitch, etc; that will allow a customer to search for any insurance company and get their ratings. It is important to highlight that because a company is known nationally it does not mean that they are in good financial standing. You must always check first before making any assumptions.

The Yellow Pages And The Internet Can Help You In Your Search For Illinois Homeowners Insurance Companies

You might be asking yourself how to find the best IL homeowner insurance company out there in the market. The fact of the matter is that every person might have a different feeling about a certain company, and for this reason the best thing to do is to try and research each company that sparks a little interest in your. There are two ways in which you will be able to search for the company that is best for you.

One of them involves getting your local yellow pages and searching for insurance companies. Before actually deciding on which one is good for you try giving them a call and speaking to their agents. If you find that the company interests you at least a bit, then go ahead and visit them personally. Once you are there you will be able to clarify some doubt on how the company works. Do the customers seem happy with the treatment they receive? Are the agents knowledgeable of the insurance industry? Is the place in a clean and organized condition? Do they offer good customer service? Are there any awards on the walls? By just looking for certain things you will be able to make a prediction of each company.

The other way in which you can do some research and try to find the best company for you is to log online and search Google or Yahoo for homeowner insurance companies in you area of Illinois. After you do that you will be able to visit company websites and research about their history, awards and the path to their present success. Some companies will even allow you to see the plans and some discounts. It is important to mention that almost all companies nowadays will let you get quotes online or give you a number on their website where you can call to apply for a quote.

Select Illinois Homeowners Insurance Companies

This last section of the article is specifically designed for the people that want examples of the many companies available in the state of Illinois. It is important to understand that these are just some of the companies and that there are many more out there. You will be able to see the history and the rankings of each just to give customers a better understanding of the importance that each of those two factors have in the Illinois homeowners insurance industry.

American Family Insurance: This Company has been on the main map of insurance in the United States since October 3, 1927. It was on that date that Mr. Herman Wittwer decided to start selling insurance products to farmers in the state of Wisconsin. The reasoning behind this was that farmers were driving less than other drivers and they deserved lower rates. The company kept growing and nowadays they also offer homeowners, life annuity, health, business, ranch and farm insurance. Presently they also have more than $4.8 billion in policy holder equity. $15.5 billion in assets (according to their website) and they also operate in 18 states of the country extending from the Pacific State of Washington all the way to Ohio by the Great Lakes. They claim to employ an estimated 8,200 people and another 3,975 agents. With more than nine million policies in force, this company will only keep growing.

Madison Mutual Insurance Company: This company just like the other was founded in the 1920’s, but the only difference is that it has been a steadily contender of property and casualty insurance in the state of Illinois. They have kept growing at tremendous rates simply because they have been expanding their products and providing customers with excellent customer service. At the end of calendar year 2006 they had written $32.7 million in premiums and had approximately $71.4 million in assets. All through the state of Illinois they offer insurance in 131 independent agencies and with the help of 398 qualified licensed agents. The company is expected to keep its tremendous grow through the entire state and it is expected to start expanding to other states as their assets become larger.

There Are Many Top Illinois Homeowners Insurance Companies

As said before there are many homeowners insurance companies out there in the state of Illinois that will do all they can to provide coverage to the many people that are house searching within the state. When looking for the best company for you, always look at their history and financial ratings (remember that rating agencies can help).

Advantages of a Whole Life Insurance Policy And Why You Need It

Whole Life Insurance policies are more expensive than the more popular Term Life Insurance policies but with the extra expense comes additional options that make Whole Life policies more attractive to many consumers when compared to Term Life policies. The most glaring advantage of Whole Life Insurance, besides the lack of expiration date, is the ability of the insured to take out a loan with the cash accrued by the policy, so long as the premiums are kept up to date, the policy and its advantages do not expire until the insured does. The term life policy, however, can expire before the death benefit is paid out, thus leaving the previously insured person in a position of attempting to find a new policy or renew the other policy at an older age that brings with it, higher insurance premiums.

Whole Life Insurance policies carry with them additional features that are hard for some people to resist, as well as beneficial riders that most people deem necessary for extra protection for their loved ones. The most popular riders added to the whole life policies are accident benefits and accrued benefits in the case of disability.

It is true that whole life insurance is more costly that term life insurance, but its premium is the same throughout life, as the policy is guaranteed throughout the insured’s life as well. Term life insurance might be cheaper for the first term, maybe twenty years for a policy, but then the renewal will base the insured’s new premium on their new “older” age and mortality bracket. If at this time the consumer decides upon a whole life policy at this older and wiser age, the premium will be phenomenally more than it would have been for the same dollar value policy twenty years earlier. In the end, the consumer ends up paying thousands of dollars more in the long run, having to purchase a more expensive life insurance policy later in life, and additionally, he or she does not have the extra twenty years of savings and investment income from the whole life policy. So, ageing might bring with it wisdom, but it also brings higher insurance premiums as well. In the case of whole life insurance, it pays to do a bit of research in order to make the better choice the first choice.

Those opposed to whole life policies will use the time honored saying, “Keep Insurance and Investments Separate!” However, as good as this idea may seem, it does not go on to explain that the consumers are expected to use the money they save each month with the cheaper term life premium and use that “extra” cash to invest and make money by investing themselves. First, a person must be committed to take an amount of money that is touted as “extra” and invest it each month in whatever they see fit. Second, in this time of financial hardship, people who are short on “extra” money might not really have the excess to invest, and probably wouldn’t know where to start when it came to investments and stock portfolios and the like. So, it might cost more in the beginning, but the whole life insurance carrier knows how to invest that “extra” money the insured consumers so willingly pay into their future and their families’ future every month. Leave investing to those in the loop and remember it is always easier to do things right the first time!