Arriving at retirement age requires seniors to look into their financial matters once again. Click Here for more info.
 
Click Here for the steps to obtaining a senior settlement are very simple and at no cost or obligation to you.
 
Applying with Senior Settlements.com couldn't be easier. For your convenience, we've given you several methods to choose from. Click Here for more info.
 
www.viatical.com
www.viaticalagent.com
www.readymoney.com
 

 
 

Q: Exactly what is a senior settlement?

A: A life settlement is the sale of a life insurance policy insuring the life of a senior citizen in return for a lump-sum of cash that is in excess of the policy's available cash values.

Q: How do I know if I qualify?

A: Most seniors over the age of 65 with a significant history of health problems can qualify for a life settlement. Older seniors with no serious medical history may also participate. Most types of individual life insurance policies qualify, as long as they have been in-force for at least 2 years, and are at least $100,000 in face amount.

Q: How long does the process take?

A: The entire process to collect all the information needed, receive offers, and finalize paperwork normally takes between three to six weeks.

Q: How much can I expect to receive from my policy?

A: The settlement amount will depend on several factors: your age, your current health situation, the cost of your life insurance premiums and the size of your policy. This amount can only be determined once we have reviewed all the information relating to the policy and the medical history of the insured.

Q: Do I have to continue to pay the premiums once the policy is sold?

A: No. Once you transfer ownership of the policy you are no longer responsible for paying the premiums.


Q: What if I'm not old enough to qualify for a life settlement, but have a shortened life expectancy due to illness?

A: Then you may qualify for a viatical settlement. A viatical settlement is a cash payment from the face value of a life insurance policy payable to an individual living with a terminal, or life-shortening illness of any age. If you think you might qualify for a viatical settlement.

Q: What are the tax consequences of a Life Settlement trasaction?

A: Getting a settlement amount that exceeds your premium deposits may be treated as capital gain. On the other hand, if your cash surrender values exceed your premium deposits (cost basis), the excess could be treated as ordinary gain.

The difference between cash surrender value and the settlement amount may also be treated as capital gain. However, if the cost basis in the policy is actually higher than the settlement amount, then there should not be any taxes due from the transaction. Please consult a trusted tax advisor for an adequate assessment of your state and federal tax implications.

 
   
Copyright 2004 SeniorSettlements.com. All Rights Reserved.