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For seniors hoping to optimize their retirement resources, life settlements can be a true asset, transforming an unwanted life insurance policy into a potential windfall. But individuals looking to sell a policy need a life settlement provider that has experience; a guide through the process who is both knowledgeable about the settlement landscape and dedicated to providing sellers with details to make an informed decision. Since 2004, Magna Life Settlements has been helping retirees, advisors and other advocates understand and implement successful life settlements. We are licensed in every state where life settlements are regulated, and our experience and commitment have made us one of the largest companies in the growing life settlement market.
Many seniors are unaware that a life settlement can potentially yield significantly more than the surrender value of a life insurance policy—and that money can be available to pay the bills that often contribute to the anxiety caused by trying to retire on a tight budget.
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The first step for anyone who is ready to investigate the settlement option is to use Magna’s calculator to determine whether you might be eligible to sell your policy for cash. Our Life Settlement calculator requires just a few key pieces of information to determine whether you might be eligible for a life settlement. The life settlement process involves a few simple steps, and once the process begins the cash from the life insurance policy can be available in just a few weeks.
Cash surrender value is essentially the value of the money the individual has put into the policy, but many policyholders think that the only way to get that value from their policy is to turn it over to the insurance company. In fact, for many individuals selling the policy to a third party (a life settlement transaction) can be much more profitable than the surrender value. This is a way to help seniors with mounting retirement expenses sell an asset and not leave money on the table.
A life settlement is a transaction that occurs when an individual over 65 sells a life insurance policy to a settlement provider for cash, usually yielding considerably more than the surrender value of the policy. The amount of a life settlement payout is mainly related to two factors: The policyholder’s overall health and the cost of the original policy. The cash from the sale of a life insurance policy can be used to help fund long-term care, medical treatments, travel, or family activities. Even though the life settlement market has been in existence for nearly forty years, most life insurance policyholders still default to the best-known option—letting a policy lapse—when faced with a policy that has become unnecessary or too expensive to maintain.
An individual over 65 desires to sell his or her life insurance policy to a settlement provider for cash. Our experienced representatives consider the price of premiums, the structure and type of policy and the health and medical history of the insured to come up with an offer for the life insurance policy. The policyholder receives money to cover expenses, and the settlement company takes over the life insurance premiums and receives the death benefit upon the death of the insured.
A viatical settlement is a specific type of life settlement reserved for those diagnosed with a chronic or terminal illness. In certain situations, a viatical settlement can provide a much-needed infusion of cash to help with medical expenses, and in the case of someone who is chronically ill, the settlement proceeds can be tax-exempt if the funds are used to cover certain health care costs. Under a viatical settlement, your payout is determined by the amount of the policy’s death benefit and your expected lifespan.
The longer an individual is expected to live, the lower the viatical payout will be. This is because the viatical company will have a longer period during which they will make premium payments on the policy – reducing its profitability. A candidate for a viatical settlement may be required to have a medical examination in order for the viatical company to estimate your expected lifespan. Viatical settlements are governed by certain requirements regarding the total value of the policy. In most cases, a policy must exceed $100K in face value to be eligible for a viatical settlement.
Insurance agents and financial advisors who are committed to the best financial interests of their clients must be committed to providing the best and most current information about every option. At Magna, we have developed a full slate of resources for agents and other financial professionals to ensure that every advocate has the tools to guide a client into a potential settlement.
With a special life settlement calculator developed just for agents, analytics powered by our policy management platform, a range of marketing materials and a variety of opportunities like the Preferred Agent and Lead Generator programs, Magna places dynamic learning relationships with agents and professionals at the heart of our marketing efforts. Contact us today to learn how you can become knowledgeable about the life settlement option for the sake of your clients.
Magna Life Settlements: A leading life settlement provider since 2004, Magna is committed to helping seniors and their advocates derive value from insurance policies that have outlived their usefulness.
Magna adheres to all applicable laws and regulations in addition to industry best practices on each transaction for maximum consumer awareness, transparency and education.
In 2010 Magna was acquired by Vida Capital Inc., a multibillion-dollar alternative asset management firm. Vida, a leading manager in the longevity space, specializes in insurance-linked strategies with a predominant focus on longevity-contingent risk. Many of Vida’s competitors must contract out their sourcing and underwriting to third-party vendors.
Magna Life Settlements is a proud member of the Life Insurance Settlement Association (LISA). LISA’s mission is to advance the highest standards of practice and professional development for the industry and educate consumers and advisors about life settlements.
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