This guide to life insurance lapsations covers what you need to know about grace periods, reinstatement options, and how to maximize your policy’s value even as you’re facing lapsation. Read on to learn what steps you can take to protect your life insurance investment, before and after a policy lapse.
Read on for an explanation of the secondary market for life insurance, how it differs from the primary market, and the benefits eligible policyholders can expect to receive from the sale of their life insurance.
The cash surrender value of your life insurance policy is the amount of cash you may withdraw if you surrender your policy to the insurance company. By doing this, you forfeit the right to the death benefit and will no longer have to pay your premiums. This is an alternative to borrowing against your policy, which would keep it in effect and require you to still pay premiums and pay interest on what you borrowed.
Read on for the most important life settlement and life insurance facts and statistics for 2021 — including how many people have life insurance, the average face value of life insurance policies, how life settlement proceeds compare to cash surrender values, and how quickly the life settlement industry is growing.
Life insurance settlement options are notoriously confusing, particularly when you try to compare them. Evaluating a lump-sum payment relative to an annuity, for example, can feel like an “apples-to-oranges” comparison unless you are a trained statistician. Thankfully, you don’t need a knack for number-crunching to identify which settlement option best suits your situation. All you have to do is review this in-depth guide we created to help folks like you make an informed choice about life insurance settlement.
Your financial advisor — or maybe a neighbor who sells insurance — may have pitched you on a variable universal life insurance policy. You have questions, and rightfully so. Variable universal life, also known as VUL, is a complex product that isn’t right for everyone. Here’s a closer look at VUL and the role it could play in your finances.
If you’re nearing retirement and wondering if there’s any way to stop working earlier, or if you’re currently retired and want to ensure you have enough money to live comfortably — it’s important to take a close look at your finances to see if you have any liquid assets. With this in mind, a lot of people wonder if their life insurance policy is considered an asset, and if so, is it a liquid asset?
You could argue that life insurance means nothing without the beneficiary. Sure, it’s the policyowner who initiates the coverage and pays the premiums. But assuming that the insured doesn’t let the insurance lapse or sell it in a life settlement, the beneficiary is the one who ultimately benefits from that life insurance policy.
Can seniors over 70 get life insurance? The short answer is yes. The life insurance options for the elderly aren’t as plentiful as they are for the younger crowd, but seniors can secure a death benefit even after age 70.
A Return of Premium (ROP) life insurance policy guarantees a full or partial refund of the premiums you pay if you outlive the stated term of the policy. This feature is typically added as a rider to a traditional term life policy that has a 20- or 30- year term. Some ROP policies return only the base premium payments to the policyholder but not the additional cost for the ROP rider, while others return the full cost.
Harbor Life Settlements, LLC is not a licensed broker or purchaser of life insurance policies. Harbor Life Settlements, LLC is an advertiser that refers qualified policyowners to licensed purchasers of policies. Harbor Life Settlements, LLC does not advertise to residents of Alaska, Kansas, Nebraska, New Hampshire, North Dakota, Vermont, and West Virginia or refer such residents to licensees. Do not proceed if you are a resident of these specific states.
