Universal life policies are a great coverage option that also allows you to plan for retirement if utilized properly. Although the various forms can be confusing, we’ve broken down everything you need to know about this type of policy in our comprehensive guide.
What Is Universal Life Insurance? Read More »
A modified endowment contract (MEC) is an overfunded cash value life insurance policy that has more restrictive tax rules than standard life insurance. The MEC came into being in the late 1980s, when the IRS moved to close a tax loophole involving permanent life policies.
What Is a Modified Endowment Contract? Read More »
Providing care for an aging parents can be hard. Getting older comes with emotional, physical, and sometimes, financial stress. As each generation gets older and we are faced with the issue of caregiving, we start thinking about how we can help our parents live happy and fulfilled lives.
5 Tips on Caring for Elderly Parents Read More »
Medicaid spend down is a financial strategy used to qualify for Medicaid nursing home coverage. In short, “spending down” involves reducing one’s income or assets to the point of eligibility. Medicaid law allows you to do so under some complex guidelines. You would typically pursue a spend down on behalf of a family member who needs pricey, long-term care.
What is Medicaid Spend Down and How Does it Work? Read More »
Try calling up your auto insurance provider and asking for a loan. You’ll likely get a big chuckle in response. That’s because your car — and home and health — insurers are only in the business of paying on claims. Cash value life insurance, on the other hand, allows you as policyholder to benefit from your premium payments even without an insurance claim.
Cash Value Life Insurance: Part Insurance, Part Investment Read More »
Are you considering selling your life insurance policy, but not quite sure how a viatical settlement differs from a life settlement? The two are often mistakenly used interchangeably, but there are several key differences you should be aware of when trying to determine your eligibility, and what option is best suited for your unique needs.
Viatical Settlements vs Life Settlements: Definitions and Differences Read More »
Most people think the benefits of life insurance only occur after someone passes away, but many policies also carry benefits that can be utilized throughout the policyholder’s life. In fact, your policy may include cash options you aren’t aware of that can provide financial assistance or relief.
In this in-depth overview, we’ll help you understand what the living benefits of life insurance are so you can take advantage of the financial options available to you or your loved ones.
What are the Living Benefits of Life Insurance? Read More »
Most people buy life insurance to leave money for family members when they die, but there are also ways to get cash out of a policy while you’re alive. Some options include taking a loan, withdrawing cash value, using living benefits, or selling the policy. There are pros and cons to each option, so it’s
How to Cash Out Life Insurance While You’re Alive Read More »
A life settlement is recognized as one of greatest ways to acquire cash for life insurance policies for various reasons. Whether the premium payments are outside your budget, you need to take care of a debt, or need instant cash for any other reason, a life settlement can be a smart decision. Here’s how it
Requirements to Sell a Life Insurance Policy Read More »
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.
