FOR IMMEDIATE RELEASE
For more information contact:
Kimberly A. Griffiths, Executive Vice President
First Secured Life, LLC
1926 Victoria Avenue
Fort Myers, FL 33901
Toll-Free Telephone: 1-877-YOUR RULES (1-877-968-7785)
Toll-Free Fax: 866-968-7785
www.firstsecuredlife.com
Seniors Have New Option to Cash-In on Life Insurance
First Secured Life, Fort Myers, Florida – Thanks to recently enacted laws, many senior citizens have access to a new source of cash — their life insurance policies. Just like your house, car, or stocks and bonds, life insurance policies can now be sold for cash.
“The fact that a life insurance policy could have a significant value while the insured is still living has proven to be a financial windfall for many seniors… especially for those making premium payments on policies no longer needed or wanted,” said Keith Campbell.
Campbell is Executive Director of First Secured Life, a licensed and regulated broker of “life settlement” transactions, the term used for cashing in your life insurance policy for a lump sum of cash.
According to Campbell, the most common reasons seniors cited for considering a life settlement are that they:
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Are thinking about letting their life insurance policy lapse
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Prefer to receive more money than the cash surrender value of a policy
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Have a change in beneficiary on their policy due to death or divorce
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Are considering bankruptcy and need to liquidate the life insurance policy
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Want to pay off their mortgage or settle hospital debts
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Can no longer afford the rising cost of long-term healthcare insurance
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Would like to spend the money on something else
Regardless of why a person may decide to sell their insurance policy, the money may be spent any way the person chooses.
Campbell said it’s important to have a licensed broker assist in conducting a life settlement transaction; similar to hiring a realtor to sell your home. A broker is legally obligated to find the highest possible selling price for the policy owner.
“First Secured Life is uniquely qualified to help senior citizens cash in on the hidden value of their life insurance policy,” he said, “rather than allowing the policy to expire worthless or surrendering it to the insurance company.”
Since a life settlement transaction typically takes 30-45 days, Campbell cautioned seniors to continue to pay their premiums until it is determined whether their policy is eligible for a life settlement.
First Secured Life offers free, no-obligation appraisals to determine whether a senior’s policy of $100,000 or more is eligible for a life settlement transaction. If you are over 65 and are curious to know the market value of your life insurance policy, you can call toll-free at 1-877-YOUR RULES (1-877-968-7785) or visit First Secured Life’s website at www.firstsecuredlife.com.
ADDITIONAL LEGAL INFORMATION: First Secured Life, LLC can broker a life insurance policy owned by a resident of the following states: AL, AZ, CO, DC, FL (FL License #s EO48885), GA, HI, ID, MD, MI, MO, NH, PR, RI, SC, SD, WV, WY. Depending on the medical condition of the insured, First Secured Life, LLC may or may not be able to broker a life insurance policy owned by a resident of the following states: AR, CA, CT, DE, IL, IN, LA, MA, MN, NJ, NM, NY, OR, VT, WA, WI. First Secured Life, LLC may not broker a life insurance policy owned by a resident of the following states: AK, IA, KS, KY, ME, MS, MT, NE, NV, NC, ND, OH, OK, PA, TN, TX, UT, VA. This Compliance Notice is current as of April 15, 2003 and is subject to change.
Florida Statutes Section 626.991 et. seq., amended in 2000 details how many life insurance policies may be cashed in for a lump sum of money. If you are working with an advisor who is not familiar with this law, please have him/her contact First Secured Life for assistance with the transaction.
This article courtesy of http://www.protectionlifeinsurance.com.
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