Viatical Settlement & Life Settlement
Qualifications
The
criteria for a transaction differ depending on the
funding company that purchases the policy. This
criteria includes but is not limited to the age of
insured, face value of the policy, and the life
expectancy of the insured. Ideal is able to provide
some of the fastest services in the industry with our
in house underwriting team. This team matches our
clients to ALL of the 35 funding companies we are
currently doing business with. This ensures that your
policy receives the highest offer available in the
current market.
We have
adopted a general policy that explains the
qualifications for our life insurance settlements.
Life
Insurance Qualifications
-
All
types of life insurance qualify (Whole Life, Term,
Universal Life, Corporate Owned Life Insurance,
Survivorship, Even policies in Irrevocable Life
Insurance Trusts.
-
Non
contestable policies only, held for at least 2
years.
-
Basically it does not matter who owns policy, if the
insured qualifies. The policy can be owned by the
insured, a business, family member, charity, or any
one of thing with an insurable interest in the life
of the insured.
Viatical Qualifications
-
Policy
Face Value of over $50,000- no maximum face value.
-
Insured
must be terminal with a life expectancy of 6 years
or less.
-
No
medical exam.
-
We
determine the life expectancy when we obtain the
medical records of the insured. Once we review it,
two independent third parties determine the life
expectancy of the insured.
-
There
can be variances in the estimated life expectancy
and this can lead to different offers from different
funding companies. That is why we negotiate with
every funding source.
Life
Settlement Qualifications
-
Policy
Face Value of over $250,000- no maximum face value.
-
Insured
must be terminal with a life expectancy of 12 years
or less
-
No
medical exam.
-
We
determine the life expectancy when we obtain the
medical records of the insured. Once we review it,
two independent third parties determine the life
expectancy of the insured.
-
There
can be variances in the estimated life expectancy
and this can lead to different offers from different
funding companies. That is why we negotiate with
every funding source.
-
Must be
a change in health status since the issue of the
policy.
-
Age
must be over 65, however typically clients are over
the age of 74.
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