Home
Welcome to Life Settlement Software! The dissatisfaction or change in priorities with a life insurance policy my drive policyholders to end their current life insurance policies. These transactions are called life settlements: the act of a policyholder selling to a third party his or her unneeded policy less than the policy’s face value and more than its cash value. The one buying the policy pays a lump sum to the policy holder and becomes the one responsible for the policy’s premiums and liabilities.
Benefits of life settlements
- Provide comfort in retirement years
- Lower or eliminate premiums
- Fund needed new coverage
- Provides a bigger payout that lapsing on ours surrendering the policy
- Fund a survivorship policy
- Settle a personal or business debt
- Provide a cash gift to a charity or family member
- Maintain current lifestyle despite health or lifestyle changes
The selling of a life insurance policy is a fast and simple way for someone to obtain cash that can be used for many different purposes. Many of American seniors, especially those who are at least 70 years old, are finding out that these policies that were once appropriate are no longer meeting the right needs. Rather than a policy holders continue paying premiums for a policies not meeting their original purposes, life settlements offers a payoff that can be much greater than giving up the policy and provides an exit strategy that is profitable while addressing many financial objectives of a policyholder.
Types of Software to consider in the Life Settlement Business:
- Acquisition Management Software – For providers, funders, investors, and portfolio builders.
- Calculating Software – Can be used bye providers, brokers, and others to calculate ROI, maximizing offer amount, and matching parameters with policies.
- Tracking and Database Software – Used to track agents, leads, case management, completed case notifications, and more.
- Cloud Options – Manage agent databases, client database, and also usage to share portfolio information.
Reasons for life settlements:
- No longer wanted or needed. As life changes so does insurance needs. A policy may make good sense at one time and not at another. One circumstance is when a spouse or beneficiary the policy was purchased is deceased.
- A superior policy has become available. With the dramatic changes in the market, policyholders may find they can get better coverage with lower premiums in today’s market.
- Premium payments are no longer affordable. Large or increasing premiums can be a financial burden, particularly for elderly policyholders. Often times this policy must be dropped in order to maintain an adequate quality of life.
- Changes in the needs of estate planning. The financial market has brought with it new opportunities for investors today. Many consumers begin to look into maximizing their asset and estates and often find great returns for current life insurance policies.
- Increasing costs in health care or financial concerns. Health issues and unforeseen problems can possible create results increasing financial needs and burdens. Under these types of circumstances, a current life insurance policy may not seem as relevant as immediate concerns.
In 1911, the Supreme Court case Grigsby vs. Russell created the policyholder’s right to be able to transfer his or her insurance policy. It was also noted at this time that life insurance had all the typical characteristics of property; therefore, it represents an asset that could be transferred without limitation