What happens when you cancel life insurance? Unfortunately, that’s not a simple question to answer. Your coverage might end immediately, or it might not. Plus, you may or may not receive a refund of the premiums you’ve paid. These details hinge on the type of policy you have and how long you’ve had it.
4 Ways to Cancel a Life Insurance Policy Read More »
Life insurance is a financial parachute of sorts. But it can take years to prep that parachute to deliver a soft landing, for beneficiaries or for the policyholder later in life. On permanent and term life policies, the policyholder could pay premiums for decades before the family or insured sees any return from that investment.
Is Your Old Life Insurance Policy Worth Anything? Read More »
Whether you’re the buyer or the seller, a life settlement can reshape your finances in short order. Unfortunately, not all investors and policyholders have access to the same level of life settlement opportunity. That’s because the secondary markets for life insurance vary in size and activity level from state to state. In our latest study, the Harbor Life Settlements U.S. Life Settlement Index, we set out to quantify those differences and identify the states that are most and least accommodating to high-value life settlements.
U.S. Life Settlement Index: The Best and Worst States for Life Settlements Read More »
You can step into that advisory role with a structured and proactive conversation with your clients when they are renewing their life insurance policy. Here are six questions to ask during life insurance renewal to move your clients into the type and level of life insurance that will help them reach their financial goals.
6 Things Life Insurance Agents Should Discuss During Renewal Read More »
Find out what reverse life insurance really is, what the benefits are, how it differs from a life settlement, and the various reverse insurance options you have.
Everything You Need to Know About Reverse Life Insurance Read More »
A viatical loan is a strategy to pull cash from your life insurance policy after you’ve been diagnosed with a terminal illness. It’s similar to a viatical settlement in three respects. One, viatical loans and viatical settlements are structured around an in-force life insurance policy. Two, you qualify for both a viatical loan and viatical settlement when a qualified medical professional certifies that your lifespan is 24 months or less. And lastly, you can use the proceeds from a viatical loan or viatical settlement to cover your medical expenses and end-of-life care.
Viatical Loans Overview: Definition, Pros/Cons, Alternatives Read More »
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.
What to Do Before and After a Lapsation in Life Insurance Read More »
An irrevocable life trust or ILIT is an entity created to hold a life insurance policy. Its primary purpose is to minimize estate taxes by transferring ownership of the life insurance policy away from the insured. Putting the policy in an irrevocable trust generally precludes the value of the death benefit from being added to the taxable estate.
How to Get the Most Returns from ILITs with Life Settlements Read More »
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.
Fiduciaries: Don’t Ignore the Secondary Market for Life Insurance Read More »
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.
What is Cash Surrender Value of Life Insurance? 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.
