1. What is a Life Settlement?
A Life Insurance Settlement, or “Life Settlement” is the term that is used when a senior citizen sells their life insurance policy to an outside party usually referred to as an investor. The amount received from such a sale is a sum that’s greater than the current cash value but less than the death benefit.

2. What would be a reason for me to sell my life insurance policy?
The reasons may vary why an insured person would sell their life insurance policy. Here are some common reasons:
• Policy is going to lapse due to expensive premiums
• Beneficiaries are either deceased or now independent
• Pay unexpected medical bills
• Purchase a less expensive policy with no premiums due
• Purchase long term care coverage
• Invest the money with your financial advisor
• Buy that retirement condo or vacation home you’ve always desired
• Travel to that place you couldn’t afford to go before

3. How would I know if I qualify to sell my policy?
The insured needs to meet the following criteria:
• Age 65 or older
• Have a life expectancy of more than 2 years
• The policy has a death benefit of at least $250,000
• Must have owned the policy for at least 2 years.

4. What is the process of selling my life insurance policy?
The first thing to do is talk with your financial advisor, insurance agent and attorney to determine if a life settlement is in your best interest. If the decision is yes, you will need to complete an application with NuevoWealth, LLC. There is no application fee and you do not need a medical exam. You can cancel at any time during the process.

5. How much money would I receive for selling my policy?
The actual purchase price is based on a number of factors such as age, medical condition of the insured, type of insurance, and the amount of the annual premium. For more information, please contact our office at (513) 771-2632 and speak with one of our financial consultants.

6. What kinds of life insurance policies can be sold?
While most types of life policies might qualify, the most common are Whole Life, Universal Life and Convertible Term Life.

7. Are there any restrictions on how I would use the proceeds of the sale of my policy?
No, not at all. Seniors have found it has been an excellent way to enhance their retirement and make life easier by helping to meet their financial goals.

8. Will there be taxes to pay from the sale of my life insurance policy?
There may be taxes due, both ordinary income and capital gains. You should speak with your accountant or attorney for a complete analysis before making a decision to sell your life insurance policy.

9. Who will own my policy after I sell it?
Your policy will be transferred to the buyer who will name a new beneficiary. The new beneficiary will collect the death benefit once the insured passes. After the sale has been completed, you will not be responsible for making any more premium payments on this policy.