Invention is the mother of necessity and industries, just like other popular gadgets and products invented, were born out of a need. Life settlement is a fairly new industry although its beginnings date to as far back as the early 1900s. No one knew back then that it would soon become one valuable industry that would cater to the needs of many policy holders.
The first major development happened in 1911 on the Grigsby v. Russell court case ruling. The Supreme Court ruled that life insurance is transferable like bonds, stocks and other financial holdings. With this ruling, policy owners can now transfer their insurance policies as they see fit. This gave way to the trading of insurance policies via secondary markets by companies like Life Partners Inc.
As more people engaged in selling (or buying) of insurance policies, a need to establish regulatory guidelines soon became inevitable. This would help to avoid unfair business practices among buyers and investors in the secondary market and probably lessen underground trade that could hurt the industry. Recognizing this need, the NAIC or National Association of Insurance Commissioners issued the Viatical Settlements Model Act in 2001.
Throughout the life settlement industry's history, certain companies like Life Partners have been helping insurance policy owners get better returns on their unwanted policies on the secondary market. Companies like these are recommended for policy owners as they give higher cash value for each unwanted policy, plus they are not loan products. Aside from these companies, the only options left for policy owners are to either surrender the policy for a low payout, take out loans against the policy, or to cancel the unwanted policy.
It is completely detrimental and counterproductive to cancel a policy because all the money you spent on the policy already would go to waste. A policy's surrender or cash out value is usually very low except when it's in its late stages, while taking out loans using the policy would give you more charges like interest. However, if you sell the policy, you don't have to pay fees and you nearly get 100% profit off of it. Companies like Life Partners don't charge fees for looking over policies, whether you decide to sell it in the end or not.
For a good number of years now, companies like Life Partners, Inc. have been helping insurance policy owners (including their loved ones) who simply want out of the policy because they don't have a need for it. Thanks to these companies, policy holders can choose their "exits." One of the best ways out is by selling the policy through LPI. You'll get your money's worth and in the end you get extra cash in your pockets. You've paid hard-earned money on premiums in the past, and it is only fitting that you're able to strike a "deal" that could get you back a substantial amount. In the end, the "extra" money you get from getting a good deal can be used for new business ventures, asset growth, or reduction of outstanding obligations.
The first major development happened in 1911 on the Grigsby v. Russell court case ruling. The Supreme Court ruled that life insurance is transferable like bonds, stocks and other financial holdings. With this ruling, policy owners can now transfer their insurance policies as they see fit. This gave way to the trading of insurance policies via secondary markets by companies like Life Partners Inc.
As more people engaged in selling (or buying) of insurance policies, a need to establish regulatory guidelines soon became inevitable. This would help to avoid unfair business practices among buyers and investors in the secondary market and probably lessen underground trade that could hurt the industry. Recognizing this need, the NAIC or National Association of Insurance Commissioners issued the Viatical Settlements Model Act in 2001.
Throughout the life settlement industry's history, certain companies like Life Partners have been helping insurance policy owners get better returns on their unwanted policies on the secondary market. Companies like these are recommended for policy owners as they give higher cash value for each unwanted policy, plus they are not loan products. Aside from these companies, the only options left for policy owners are to either surrender the policy for a low payout, take out loans against the policy, or to cancel the unwanted policy.
It is completely detrimental and counterproductive to cancel a policy because all the money you spent on the policy already would go to waste. A policy's surrender or cash out value is usually very low except when it's in its late stages, while taking out loans using the policy would give you more charges like interest. However, if you sell the policy, you don't have to pay fees and you nearly get 100% profit off of it. Companies like Life Partners don't charge fees for looking over policies, whether you decide to sell it in the end or not.
For a good number of years now, companies like Life Partners, Inc. have been helping insurance policy owners (including their loved ones) who simply want out of the policy because they don't have a need for it. Thanks to these companies, policy holders can choose their "exits." One of the best ways out is by selling the policy through LPI. You'll get your money's worth and in the end you get extra cash in your pockets. You've paid hard-earned money on premiums in the past, and it is only fitting that you're able to strike a "deal" that could get you back a substantial amount. In the end, the "extra" money you get from getting a good deal can be used for new business ventures, asset growth, or reduction of outstanding obligations.
About the Author:
If you're a senior looking to create liquidity with your life insurance policy, life settlement companies like Life Partners may be able to help. Life Partners Inc is base is a publicly traded company based in Waco, Texas.
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