Life Settlement Contracts
“Life settlement contract” means a written agreement entered into between a life settlement provider, or its related provider trust, and a policy owner.
The life settlement contract includes an agreement to transfer ownership or change the beneficiary designation of a life insurance policy at a later date, regardless of the date that compensation is paid to the viator. The agreement must establish the terms under which the life settlement provider will pay compensation or anything of value, which compensation or value is less than the expected death benefit of the insurance policy or certificate, in return for the owner’s assignment, transfer, sale, devise, or bequest of the death benefit or ownership of all or a portion of the insurance policy or certificate of insurance to the life settlement provider.
A life settlement contract also includes a contract for a loan or other financial transaction secured primarily by an individual or group life insurance policy, other than a loan by a life insurance company pursuant to the terms of the life insurance contract, or a loan secured by the cash value of a policy.”
Life Settlement Pro will help you throughout all steps of your life settlement contract. Fill out our online quote form or call 1-888-973-8377 to find out the value of your policy.
