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| Arriving at retirement
age requires seniors to look into their financial matters once
again. Click Here for more info. |
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| Click
Here for the steps to obtaining a senior settlement are
very simple and at no cost or obligation to you. |
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| Applying with Senior Settlements.com
couldn't be easier. For your convenience, we've given you several
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Q: Exactly what is a senior settlement?
A:
A senior 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 senior 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 senior 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.
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