Florida Life Settlements
Florida Life Settlements
When dealing with life settlement transactions in Florida, providers look at policies that meet the qualification of a death benefit cash value of about $100,000 to over $1 Million. Providers then consider the amount of, if any, loans that have been taken out on the policy and then the amount of money already paid into the policy as essential steps that can heavily influence senior settlements.
In some cases, not every Florida life insurance policy meets the exact criteria for life settlements. Certain types of policies such as Universal, Whole, and even occasional Term Life policies are more attractive to life settlement providers and funders. Like many states, Florida requires specific licensing for those purchasing a life insurance policy from the current policy holder.
A different type of settlement option, or a viatical settlement, means the policy holder sells their life insurance policy to a third party if the policy being considered is at least two years old and the policy holder has been diagnosed with a terminal illness with a life expectancy of less than two years. Once a policy is filed and sold as a Florida life settlement, the original beneficiaries on the policy will not receive the resulting death benefit when the time comes.
A Florida viatical settlements are also regulated by the state of Florida, and those who participate in a Florida viatical settlement transaction must be licensed by the state of Florida. There are a number of Florida life settlement companies that purchase life insurance policies, but few are can legally purchase a Florida viatical settlement.