Need to Be More Smarter, Viatical Settlements

[Damnaged]

So my dad has a $1M UL policy that's about $70k behind on premiums. He's interested in selling it, but I haven't been in this business long enough to have any clue how set that up.

Anyone in Colorado interested in helping/buying/selling?

I don't enough know enough about this to know what questions to ask.

 

[goillini52]

So my dad has a $1M UL policy that's about $70k behind on premiums. He's interested in selling it, but I haven't been in this business long enough to have any clue how set that up.

Anyone in Colorado interested in helping/buying/selling?

I don't enough know enough about this to know what questions to ask.

Hahaha...Keep plugging away and eventually you'll be more smarter.

I never was interested in Viatical Settlements. Seems like it pays good, but seemed kind of ghoulish to me.

Coventry's in to that. Why don't you get contracted and make some money off your dad's policy?

 

[Damnaged]

Hahaha...Keep plugging away and eventually you'll be more smarter.

I never was interested in Viatical Settlements. Seems like it pays good, but seemed kind of ghoulish to me.

Coventry's in to that. Why don't you get contracted and make some money off your dad's policy?

That might be an idea. Coventry?

And I'm going to have to talk to someone who knows how to sell these things.

 

[scagnt83]

So my dad has a $1M UL policy that's about $70k behind on premiums. He's interested in selling it, but I haven't been in this business long enough to have any clue how set that up.

Anyone in Colorado interested in helping/buying/selling?

I don't enough know enough about this to know what questions to ask.

How old is he and how is his health?

You probably arent going to get much with it being that far behind in premiums.

I would look at trying to save the policy by reducing the DB and if it is opt 2 switching to opt 1. Or do that first and then try to sell the policy. Because whoever buys it is only going to do the same thing to save it most likely... so why take an even larger discount?

There are groups out there who do that. Im not familiar with any of them. Do a search on the forum search bar, Im pretty sure that people have advertised for that here in the past.

 

[goillini52]

There's actually a Life Settlement Forum here. Imagine that.

Life Settlements Forum

I'll bet those guys are a barrel of laughs!

 

[Josh]

That's just it, unless the person is expected to die within a year or something like that, it's a life settlement vs viatical.

I've worked with these guys in the past and it might be a good place to start:

Melville Capital | Look closer at life policies

 

[tlmarketing]

So my dad has a $1M UL policy that's about $70k behind on premiums. He's interested in selling it, but I haven't been in this business long enough to have any clue how set that up.

Anyone in Colorado interested in helping/buying/selling?

I don't enough know enough about this to know what questions to ask.

When you say it's $70k behind in premiums...what is that based on? If that is based on a target or endow type premium, you can obtain new illustrations from the home office.

If you are going to sell the policy via life settlement, the buyers will want an illustration showing lowest premium needed to carry the policy to age 100, and if extended death benefit beyond age 100 is available, they will want to see that as well.

Questions you need to know include:
1. How old is your dad?
2. What rate class was original policy issued at?
3. What is his current health?
4. What company is policy with?
5. What is the current cash surrender value of the policy?

I used to run the east coast for a life settlement provider and those are some of the basics you will need.