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Further
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Start a Home Based Business? When Is The Best Time? - Rebecca Gilbert
I’m often perplexed at the number of people that I see start home based businesses on the Internet and then give up on the idea shortly afterward. The usual excuse is that they don’t have the time or don’t have the money to invest. Starting a...
Fail Your Way To The Top - John Assaraf
Have you had a challenging day or week? Feel a little tired or discouraged with a current situation? Ready to throw in the towel and quit something? Don’t worry. It’s very normal to go through times of feeling that something in life stinks and all...
Huge Free Exposure With a Sweepstakes - Bruce Scher
Offering potential customers a chance to win a prize, gives them a powerful incentive to visit a site. Create a non-cash prize, aiming to fulfill their true passion or interest. By Bruce Scher When I hear or read the words sweepstakes, I...
How To Start Your Internet Business - Michael Tee
Starting an internet business may not be as hard as you think it is. You don’t have to be a computer whiz or a professional copywriter to start an online business. All you need is to put in a little hard work and research how others are doing it,...
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Life Settlement Overview
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Written By:
Grant Shellhammer
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A “Life Settlement” is a lump sum settlement paid to the owner of a life insurance policy by one of many funding sources in exchange for the ownership of the policy. Never before have non-terminal policyholders been able to receive capital in excess of their policy’s cash or surrender value to increase their wealth. A Life Settlement can usually provide anywhere from 2 to 5 times the cash surrender value of the policy. "With the life settlement option availble, there is no reason to surrender or lapse your life insurance policy." says Grant Shellhammer, of http://www.lifesettlementpro.com/.
Generally, anyone over age 70 who has $100,000 or more in life insurance coverage may qualify for a Life Settlement regardless of health condition. Other factors considered in the negotiations are the policy’s cash surrender values and the cost of premiums. A basic principle to remember is that the older the age of the insured and/or the more health complications exist, the higher the settlement. However, each individual’s situation is different from case to case.
The fundamentals of the Life Settlement transaction have technically been around since 1989 in the form of “viatical settlements”. Individuals at any age can qualify for a viatical settlement if they have a chronic or terminal illness such as cancer or HIV. Viatical Settlements have always - continued below ...
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been contingent upon the health of the insured, whereas Life Settlements are contingent mainly upon the age of the insured. In most states a terminally ill senior applicant will need to use a licensed viatical broker and/or funder in order to abide by state rules and regulations and to retain the tax-exempt status of the settlement.
According to industry reports, Life Settlement proceeds are tax-free up to the cost basis (premiums paid since policy inception). They are taxed as ordinary income from basis to cash surrender value and proceeds above the cash surrender value are taxed as capital gains.
Once the Life Settlement change of ownership has been recorded with the insurance company and the policyholder has received their money, the Life Settlement funding source will continue to pay premiums throughout the life of the insured. All types of life insurance qualify including group, term, whole-life, universal, survivorship and key-man policies.
About the Author
Grant Shellhammer is an affliate Life Settlement Broker with Life Settlement Pro. He works with senior citizens and financial professionals nationwide to provide life settlements.
Contact details:
grant@lifesettlementpro.com
1.888.973.8377
http://www.lifesettlementpro.com
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| _Additional Resources ... |
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Creating Unlimited Belief for Success! - Richard Gorham
What's holding your team back from experiencing "breakout performance"? It may be those Old beliefs and Personal Insecurities (aka: conceptual barriers)? Conceptual barriers are the barriers that are right behind the eyes, DEEP within the brain....
The Benefits of A Real Estate Agent 101 - Lori Osenbaugh
Buying and selling property is not as easy as you may think. There are many things that you have to consider when purchasing a home, or when putting a home up for sale. That is why there are real estate professionals out there armed with the skills...
Do You Want To Remain Anonymous? Or Would You Prefer To Be Famous? - R M Blackledge
Do You Want To Remain Anonymous? Or Would You Prefer To Be Famous? R.M. Blackledge TheWorkAtHomeBlog.com © Copyright 2005 The internet is known as "the global information superhighway" for a good reason. As this year's unfortunate Tsunami in...
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