Financial Advisor Information
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“I thought, Wow, what an incredible way to put a
value on this (asset).”
What Types of Policies Can Be Sold? Universal life policy, this is a combination of whole life insurance and term insurance, which provides substantial policy flexibility as well as death protection at a reasonable rate. Universal life is commonly referred to as “flexible premium adjustable life." Whole life insurance, otherwise known as ordinary life or permanent life insurance, offers a guaranteed accrual fund that grows tax deferred and is designed to last a lifetime. Whole life insurance has a fixed guaranteed premium and a fixed guaranteed death benefit for the insured’s lifetime, which distinguishes it from term or universal life insurance. Variable life Insurance (VUL) supplies permanent insurance with a side fund that accumulates cash values that grow tax deferred at an affordable cost. In addition to the tax advantages that are typically associated with permanent life insurance, variable universal life offers death benefits and flexible premiums. Variable universal life is unique in the fact that the policyholder is able to “invest” policy cash values in equities based funds. Term life insurance is also known as “temporary insurance” and it provides low cost protection for risk of premature death and also pays a benefit in the event that the covered individual dies within the given term period. Premiums for term insurance are lower than other types of life insurance because there is no cash value growth associated with term life insurance. Term insurance costs are subject to age, gender, lifestyle and current health of the individual. Survivorship life insurance provides life insurance for two individuals with a benefit after the death of the last surviving insured. Such policies can be universal life, whole life, or variable universal life insurance. When the first spouse dies the policy remains in effect and premiums may need to be paid; no proceeds are paid at this time. When one member or a couple is in less than good health, survivorship insurance is a more cost effective option than other types of insurance. Also, provided that the other spouse is in reasonably good health, the couple can typically obtain survivorship life insurance. Premiums are relatively low compared to individual policies on each spouse’s life because two lives are insured under survivorship life insurance. |
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In general, most life policies qualify for a life settlement. Examples
of such policies include: |
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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.