The question here is what might be available for the Policy Owner who believes the Insured will qualify for an ADB.
Example One: If the primary goal is to bring in as much cash as possible now, quit paying premiums, and not have any benefit later, the traditional lump-sum Viatical Settlement could be of great value.
- Step one: pursue the ADB with the carrier.
- Step two: submit policy or policies to American Life Settlements for quotes at the same time.
- Step three: receive the ADB loan or a Letter of Declination.
- Step four: sell the reduced policy for a Viatical Settlement or another Program.
By submitting to American Life Settlements right away as in (2), the Policy Owner saves time no matter the outcome of the ADB Claim.
Example Two: If the Insured’s attending physician will not sign a HIPAA-compliant letter stating death is probable within 24 months or less, the Life Settlement would be an alternative to the Viatical Settlement as it provides the maximum amount of cash now.
Example Three: If the primary goal is to get some cash now, quit paying premiums, and receive some benefits later, the Retained Benefit Life Settlement might work better.
Example Four: If the Insured is receiving any form of licensed Long-Term Care, American Life Settlements would also request quotes for the tax-exempt Long-Term Care Life Settlement. It has no age limits and the minimum policy is $10,000.
Example Five: As for the Private Policy Loan, it requires an Insured who, typically, is dying from last-stage metastasized cancer and is at least age 60 with a policy of $100,000 or more. The maximum lifespan is 2 years. The Loan does not require a HIPAA Letter.
Conclusion: There are many ways to optimize this situation. If you wish to discuss your specific needs, please fill out our Free Policy Evaluation form or call 888.247.3659 weekdays 8:30 AM – 8:30 PM Eastern Time.