Greetings Oaklanders. Let's talk about life settlements for a second and also life settlement scamss as is done on this video at YouTube at Zennie62. This year, this blogger's Mom, who lives in Georgia, had a bad experience with Bankers Life and Trust Insurance, and regular readers and viewers over at Zennie62.com and Zennie62 on YouTube may remember the negative story from that post.
Bankers Insurance not only doubled my Mom's premiums because she was approaching 80, they did not tell her about the option of life settlements. In fact, many insurance companies fail to tell their customers about life settlements.As described at "A Life Settlement.com", life settlements are just a way of selling your life insurance policy to an investor, but such that it can cause you to realize as much as 8 times the value of your arrangement. Why would you need a life settlement to start with?
Well, take P. Yeager's situation. She's about to be 80, is living on a fixed income, and while she can work, really would prefer to enjoy her retired years. So she's enjoying the fruits that come with good budgeting, but here comes Bankers Life, who increases her monthly payments. So, she now has less net income and is seeking a remedy. A good life settlement deal can give her a lump sum of cash, and yet she can seek out a new life insurance program. That would give her an immediate financial advantage.
So, how does she get into a life settlements program? Well, for example, visit "A Life Settlement.com" first, and call them or fill out the online form. Then you sign a health records release document and one of their agents will contact you.
Then, an offer is given to you from the fund manager; you choose to have it or not. If you do take it, the amount you get is put in escrow, then change of ownership forms are sent to your insurance carrier, and then your money is given to you. That's how it works. But now, let's talk about the scam side.
The scam side impacts those who are asked to invest in Life Settlements. What happens is the scammy seller promises a guaranteed percentage return on the investor's money. The truth is the investment can fail and for a number of reasons: the fund manager misuses the money, or the insured lives a long time, or the settlement is part of a Ponzi scheme. It's a good idea to check out who you're doing business with on your own, regardless of what you read.