Financial Advisor Information
"It is a pleasure working with Joe Young and Veris. Their professionalism and hands on support is why we choose to work with them. They always provide a great service for our clients."
- Roy Dixon, Partner, Planning Solutions Group

When is it Time to Consider a Life Settlement?

Life Settlements present an appealing new option
for policyholders to take an unwanted and sometimes not needed policy and turn it into cash to apply to today’s needs. Here are a few reasons to consider a life settlement.

A life settlement would be a more worthwhile option for a policy holder that is no longer able to pay the policy premium and is considering letting it lapse or surrendering it to the insurance company.

A life settlement is a good option for those who have outlived their beneficiaries and have no need to continue to pay on a policy.

A Life Settlement may also provide advantages that a 1035 exchange cannot. A 1035 is a provision in the tax code allowing for the direct transfer of accrued funds from one life insurance policy to another policy, without creating a taxable event. However, a life settlement is preferred to the tax-free exchange of accumulated policy value because it may provide more funds, even after taxes.

You can also take the funds from your policy to donate to a charity. An incentive of this is that it is a tax write-off, and you can also see your donation in action during your lifetime.

Another reason to consider a life settlement is if your health status has changed since your policy was issued.

There are many instances in which a policy is no longer needed, for example if there is a change in ownership of a company or retirement. Also, once a business has been sold or participants have left, a policy to finance a buy-sell agreement is no longer needed. A Life Settlement is effective when an exit strategy is needed for split-dollar policies, or when informal funding for deferred compensation plans are no longer required because an executive has left a company.

Regardless of the reason, a life settlement is always a better option to a policy lapse or surrendering it back to the insurance company.

 
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Veris Settlement Partners, Inc. is a multi-state viatical and life settlement broker. Veris Settlement Partners, Inc., and/or its affiliate firms Chesapeake Financial Settlements, LLC and Select Life Settlements Corporation, and/or one of its four directors as individuals, is licensed as a life settlement broker or viatical settlement broker in the following regulated states: AR, CT, FL, GA, HI, IN, LA, MD, MS, NC, NJ, NY, PA, TX, UT, VA.

Depending on the medical condition of the insured, Veris Settlement Partners, Inc. may or may not be able to broker a life insurance policy owned by a resident of the following states: CA, DE, IL, MA, MN, NM, OR, VT, WA, WI.

Veris Settlement Partners, Inc., and/or one of its four directors as individuals, may broker a life insurance policy owned by a resident of the following states that are not regulated and do not require licensure: AL, AZ, DC, ID, MI, MO, NH, RI, SC, SD, WY.

Some or all of the proceeds from a life settlement may be taxable under federal or state income tax laws.  Advice from a professional tax advisor is recommended. Veris Settlement Partners, inc. is not a viatical or life settlement provider.

This Compliance Notice is current as of August 15, 2008 and is subject to change.