Life Insurance Lakeland – As baby boomers turn to their advisors to help them achieve their retirement and estate planning goals, many estate attorneys are faced with decisions about life insurance policies. Real estate is now readily available as an important financial planning tool. However, some property lawyers may be hesitant to recommend them until the regulatory environment better understands the “inner workings” of what they see as the growing renewables industry.
For nearly 20 years, the secondary life insurance market has been the choice for policy sellers looking to maximize the value of unwanted life insurance policies. The market has recently seen a revival, as evidenced by the significant increase in business volume in 2015.
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The market’s recent recovery has been due to several factors, including a stable regulatory environment that protects consumers and investment by large financial institutions attracted to unrelated asset classes. Increased investment has given secondary market providers (those who acquire policies on behalf of investors) more purchasing power for policy assets. That’s good news for high-end customers looking to sell their policies at the highest price, often referred to as the policy’s “fair market value.”
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It urges policymakers to determine accommodation rather than capitulation or capitulation. Federal and state agencies are beginning to recommend assisted living facilities as a way to pay for long-term care costs or supplement government funds used for Medicare nursing home care.
The secondary market continues to grow because it is beneficial to buyers who want to take advantage of fixed income insurance funds, as well as investors who want to make a profit independent of the volatility of the stock market.
In many estate plans, life insurance is a key component: providing income replacement funds, paying off debts or taxes, financing sales contracts, and serving other purposes. But as consumers age, their estate planning goals often change. Business owners are retiring, tax laws are being overhauled, and succession planning is in full swing. As a result, life insurance’s role in estate planning may be outdated, and expensive annuities may delay estate planning.
In situations where life insurance does not fit into a client’s estate plan, attorneys often weigh all options with the client (eg, release insurance, surrender the policy, reduce the death benefit, or sell the policy on the secondary market).
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We recently worked with a real estate attorney on a successful case involving a retired business owner with three life insurance policies totaling $11.6 million. The attorney explained that his client had been borrowing for years to finance several businesses. Your debt burden makes it a priority to purchase a high-value insurance policy to protect your family members from dying. But when a business owner sells their business and retires, they are burdened with costly insurance premiums they no longer need, one of which is an important employee policy.
The attorney advised his client to sell the policies on the secondary market to increase the value of the property. The client agreed, and the attorney came forward and explained the client’s three main goals: (1) relief from a costly lawsuit, (2) reduction of the insured amount, and (3) a settlement. termination purpose.
After completing the writing process, we begin the presentation process, which has many challenges. Each agency requires rigorous negotiation with investors to meet client goals, and each has unique funding needs. In the end, we negotiated with two different lenders that paid our clients future taxes, $2 million in life insurance, and over $240,000 in cash.
When discussing settlement options with clients, attorneys want to set realistic expectations because insurance companies are very selective about the types of policies they purchase.
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An attorney may want to speak with an experienced life settlement broker to understand the questions the grantor is asking. Although the most successful shared activities include adults with life expectancy over age 70 and policy values of less than $500,000, other factors also play a role (eg, future costs, policy lending, underwriting fees, and the price of the insurance provider). The seller is happy to provide this information to an attorney.
To the surprise of some lawyers, two out of every 10 policies sent to secondary market sponsors (on average) are successful life contract transactions. The reasons for this vary. In some cases, payment is denied because the policy does not meet the investor’s investment requirements as described above. In some cases, the seller may have extended the offer, but the insurer declined or simply changed its mind.
Real estate attorneys play an important role in helping clients get the most out of their property, and adding real estate assets to their toolbox often pays big dividends in the right circumstances. Monday and Friday: 8:30 AM – 5:30 PM, Tuesday – Thursday: 8:30 AM – 5:00 PM, Saturday: 9:00 AM – 1:00 PM
There are many types of life insurance, but they all fall into two categories: term insurance and permanent insurance.
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Term insurance is designed to meet short-term needs. It provides protection for a certain period of time (the “term”), usually paying interest only if you die during that period. This type of insurance usually makes sense if you have a payment claim that will disappear at some point. For example, you may decide that you only need coverage until your children graduate from college or until you pay off certain debts, such as a mortgage.
Unlike whole life insurance, term insurance covers the entire life. As long as you pay the premium, the full face amount is paid unless a loan, withdrawal or disclosure is made. Because it is designed to last a lifetime, permanent life insurance accumulates value and value over time.
It’s impossible to say which type of life insurance is best because the type of coverage that’s right for you depends on your specific situation and financial goals.
But remember, the best way to find the right price and type of life insurance for your particular situation is to meet with a qualified life insurance agent.
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Along with many ways to save, we also offer many ways to rate or help with your current policy! Fill out the contact form below and we’ll schedule a phone or office visit. It’s really easy! Dominique Rogers is an insurance agent at Family First Life in NC. In the following article, Dominic discusses what life insurance really is and answers the common question of why people should buy life insurance in the first place.
Life insurance is one of the most reliable and popular options you can provide for yourself or your family. A life insurance policy can be made available to the policyholder in several ways, one of which is known as the account concept of life insurance.
Dominique Rogers of NC State explains that this strategy involves buying several types of life insurance plans and saving thousands of dollars in premiums while using the money left over after the end of the year for other major expenses. The reason people use these methods is that they only have to pay for the space they need.
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According to CBS News and representatives like Dominique Rodgers, the ladder strategy aims to use the life insurance policy that works best for an individual without paying more than necessary.
How this process works is related to purchasing long-term insurance. A term policy is a type of contract-based coverage for a limited period of time. Typically, the term starts at 10 years for a total of 30 years.
The key to using a staggered strategy is to buy more than one life insurance policy, each with a different term, says Dominique Rogers of NC State. The objective is to capture the benefit of declining payout requirements as the policyholder ages.
Basically, stair life insurance has a separate life policy for each major financial obligation, such as a loan, debt or major purchase.
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Each of these in turn has a different endpoint, where the owner’s obligation to pay ends