cindi o'h Posted September 13, 2004 Share Posted September 13, 2004 I haven't read anything from anyone re: this subject. I am wondering if anyone has any experience with selling your life insurance policy. It is my understanding that there is a way to collect on a percentage of the face value of your life insurance policy so that you can use the $$ while you are still living. I applied with one company, but was turned down....I am 22 months out from dx and the chances of my imminent death have decreased, they say with time. They say according to their MD's who did the underwriting that I have a 20-40% chance of surviving to five years. Anyway, I plan to apply with other companies. But, I have read where some companies are unethical and to watch out for them. But I don't know what to watch out for. Anyone with any experience here? I don't have any post mortem obligations, but I have plenty of living obligations. Thank you all. Cindi O'H Stage lllb 11/02. NSCLC Quote Link to comment Share on other sites More sharing options...
ginnyde Posted September 13, 2004 Share Posted September 13, 2004 Cindi, I am confused. Are you applying for life insurance so that you can sell it or do you already have the life insurance? There are many different types of insurance, such as term, whole life etc and they each have their own rules. Maybe someone here can give you more info. Do you own your home? There is a reverse mortgage where a bank or mortgage company sends you money each month which is recouped when the house is sold. Quote Link to comment Share on other sites More sharing options...
Guest Posted September 13, 2004 Share Posted September 13, 2004 Thanks Ginny. I "own" my own home, but I am too young to qualify for a reverse mortgage...good suggestion though. I received a group life insurance policy through my former employer and recently had it converted to an individual policy with the same value. It is a portable policy and I had the option of whole or term and I chose whole. Anyway, I used to make a pretty good living as a single woman, but this health business leaves me on SSDI which doesn't even cover my motgage....hence foreclosure pending. So I'm putting on my thinking cap and the best thing I can come up with is to sell my life ins. policy. I have been doing a lot of reading on the subject, but I would like to hear if someone has an experience with the process. There are lots of advertisements out there but who can truly trust advertisements these days? I am just hoping to be able to get enough $$ to get out of my house and be able to keep my car... Unfortunately, these yuccky things only muddle my daily joys and are a necessary part of meandering through the quagmire. I don't mind being sick so much, it is just the stress of no money that I don't like... Peace, Cindi Quote Link to comment Share on other sites More sharing options...
Guest Posted September 13, 2004 Share Posted September 13, 2004 Thanks Ginny. I "own" my own home, but I am too young to qualify for a reverse mortgage...good suggestion though. I received a group life insurance policy through my former employer and recently had it converted to an individual policy with the same value. It is a portable policy and I had the option of whole or term and I chose whole. Anyway, I used to make a pretty good living as a single woman, but this health business leaves me on SSDI which doesn't even cover my motgage....hence foreclosure pending. So I'm putting on my thinking cap and the best thing I can come up with is to sell my life ins. policy. I have been doing a lot of reading on the subject, but I would like to hear if someone has an experience with the process. There are lots of advertisements out there but who can truly trust advertisements these days? I am just hoping to be able to get enough $$ to get out of my house and be able to keep my car... Unfortunately, these yuccky things only muddle my daily joys and are a necessary part of meandering through the quagmire. I don't mind being sick so much, it is just the stress of no money that I don't like... Peace, Cindi Quote Link to comment Share on other sites More sharing options...
Elaine Posted September 13, 2004 Share Posted September 13, 2004 Cindi Have you checked the policy--some have riders where you can take 50 percent if you are dxed with a life threatening illness. One of mine does. As for viatical companies, I don't have any info but if you do a google search I think you can find information about what to look out for. I will look for a link to post for you and for others. Good to hear from you love and fortitude elaine Quote Link to comment Share on other sites More sharing options...
Elaine Posted September 13, 2004 Share Posted September 13, 2004 This looked like an ethical organization that will help get your situation looked at by ethical brokers. http://www.viatical.org/ elaine Quote Link to comment Share on other sites More sharing options...
natalie Posted September 13, 2004 Share Posted September 13, 2004 Cindi, I just pm'd you regarding this... Quote Link to comment Share on other sites More sharing options...
Guest Posted September 15, 2004 Share Posted September 15, 2004 Hello, I will elaborate and provide some insightful advice. I have been in the viatical settlement business for a few years. Recently I started my own brokerage in New Jersey. A viatical settlements is when someone with a life threatening illness sells the ownership and beneficiary rights to their life insurance policy. The companies who purchase these policies use underwriting companies to reivew at your medical records to determine an estimated life expectancy. This estimate is then compared with your insurance premiums to get a cash amount they are willing to pay for your life insurance policy. I hope this helps. If you are planning on submitting your policy to another, I would suggest talking to your current company and trying to maybe get more money. You do not want too many companies reviewing your policy as it will cause the purchasers to be less inclined to purchase it. As far as unethical companies, this is more on the investment side and not in the area you are involved in. My advice is to work with a company you feel the most comfortable with and that has been the most responsive. I was actually one of the Rick's first sponsors of this message board and I just checked back to see how it is doing, when I came across this message. I am not interested in solicting business because this message board is just about helping people, however I can provide you some advice via email if needed. Good luck with everything. Best Regards Doug Petrie ViaTrust dpetrie@viatrustinc.com Quote Link to comment Share on other sites More sharing options...
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