The Life Settlement Process

Life Settlements, also commonly referred to, as Life insurance Settlements are quickly becoming an exciting financial planning tool for seniors and the financial advisors who assist these seniors.

The initial process before determining if a settlement is available is meeting a few of the basic requirements. The types of insurance policies that can be considered for a life settlement are universal life, whole life, variable life, survivorship (any type), adjustable life, joint first to die, and term insurance (if convertible). It is also common practice for the insured to be over the age of 65.

The process begins with when the individual policyholder "cases" are submitted to a Life Settlement Broker or Company through a completed application and a HIPPA release form.

Policyholders will provide a current policy illustration, medical records, for the insured, as well as other documents that may be requested.

After a completed thorough evaluation of the policy, a potential life settlement value is determined for each individual case submitted. This evaluation includes a review of submitted medical records by an independent medical underwrite. A medical exam or physical is NOT required.

If the funding source is interested in purchasing the policy, an offer to purchase the policy is communicated to the policyholder's broker or financial advisor (Not all policies will qualify for a life settlement).

If the offer is accepted, closing documents are prepared and sent to the policy owner through their life settlement professional.

It is the policyholders chose if the want to accept or decline the offer. There is never any cost or obligation during the initial life settlement process. The settlement offer is determined on a case-by-case basis and evaluation of the policy is required before an offer can be made.

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How the Debt Settlement Process Has Evolved Into a Legitimate Debt Relief Tool For Consumers

Credit card debt has been troubling most people. The crises has been escalating since the recession and has been showing no signs of abating. The cycle of debt is a never ending and once a Credit card user gets into it he will find it very difficult to get out of debt. However the card debt scene has become very sensitive since the recession. The credit cards have always been instruments of fulfilling their desires for consumers. This led to the unprecedented boom in the US economy and the consumer culture. Now with the recession the bubble has burst and most people are looking for debt relief.

The world has been predicting the collapse of US economy. Uncontrolled credit has been stated as one of the main ills of the US economy. This became a bargaining point during the presidential elections. The Democrats had promised to inject a stimulus package to boost the US economy and help the debt ridden financial institutions. President Obama has fulfilled his promise and has infused the stimulus package. Parts of the spoils have gone to the Credit companies. Taking advantage of this package is the gist of benefits to credit users.

Most financial institutions have been given directions to cut down on their debt by the government. The credit card companies have set targets to cut down on the overall debt. In order to meet the targets they are offering debt settlements to the users. The debt settlement is basically a negotiation with the credit card users to cut down on the overall debt. The creditors stand to gain since they will be getting a lump sum payment from the credit card user. The debtor stands to benefit since up to 50 percent of the amount will be waived by the creditors. Most users must take advantage of debt settlements offered by stimulus money.

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