Sell My Life Insurance Policy

The ruling by the 4th Circuit Court of Appeals in Richmond, Va., is considered a major victory for the life settlement industry.

Pisano issued a ruling denying review by the 3rd Circuit Court on the insurable-interest issue.

“The Court finds that Defendants have failed to satisfy their burden of demonstrating exceptional circumstances warranting a deviation from the ordinary rule of requiring a final judgment prior to seeking appellate review,” he stated.

Insurance Broker Publishes Book on Settlements

A longtime insurance broker and adviser has published a book on life settlements that he said is intended for prospective sellers of policies and their advisers as well life insurance and life settlement professionals.

Minnesota state officials have suspended the producer license of Michael Antonello for helping a man obtain $127.7 million in life insurance.

State officials charged Antonello with insurance fraud and forgery.

The case involves John Paulson of Minnesota, who was the defendant in a lawsuit decided last year that may have provided an important victory to the life settlement industry on the issue of insurable interest.

Sun Life Assurance Co. of Canada had sued Paulson and others, including Antonello, seeking to rescind $17 million worth of life insurance. But a federal court judge in Minnesota threw out the case in December, upholding a magistrate judge’s decision.

The decision found that just because an insured plans to sell his policies when he bought them that it doesn’t necessarily mean that they lacked insurable interest, according to settlement industry representatives.

In the latest action by the Minnesota Department of Commerce, the state said that Antonello helped Paulson buy 44 policies from October 1999 through December 2004 worth a total of $127.7 million.

Washington Gov. Chris Gregoire signed life settlement legislation today, becoming the third governor to approve a law regulating the market this legislative season.

SB 5195, which allows new policies to be sold after two years, is based largely on model legislation developed by the National Conference of Insurance Legislators (NCOIL). This is the first time the state of Washington has regulated the market. Until now, it had only regulated viaticals.

“This is an excellent bill,” said Doug Head, executive director of the Life Insurance Settlement Association (LISA). “This is a first in the nation with mandated disclosure by insurers of the settlement option.”

The bill requires carriers to tell policyholders who are age 60 or older, or who are terminally or chronically ill, that they have other options if they’re thinking of surrendering or lapsing their policies or of seeking accelerated death benefits.

The law also requires the state insurance department to prepare a document to be used by insurers to let insureds know that alternatives exist to lapsing policies. The legislation doesn’t require insurers or the department to specifically mention life settlements, however.

Head said that Washington Insurance Commissioner Mike Kreidler is “very aware of the settlement option.”

In an April 9 letter to the governor, Kreidler said that “life insurance companies are required to disclose information about life settlements to policyholders, so that consumers are provided with fair and reliable information to use when making decisions regarding the disposition of their life insurance policies.”

There a few things I would rather do than ride our snowboards. Here we are a team dedicated to hard work and hard play. That is why we strap on our Burton Snowboards when ever we get a chance and we hit the slopes. There is a lot of snowboard gear and snowboards available to us since our head quarters are near the slopes. Our motto is grab your snowboard pants and snowboard clothing and come along to for the ride. When you work hard, you should often play hard.

Milestone Managers & Providers, a Lancaster, Pa.-base provider, said yesterday that it purchased 200% more policies in 2008 than it had the previous year.

The provider said it also saw submissions of policies, which it analyzes for purchase, go up. A total of 32% more policies were submitted last year over 2007 and there was a 26% increase in small-face policy submissions, the company said in a statement.

“We are obviously pleased with the ‘08 results,” said Kristian Armstrong, chief executive of Milestone, in a statement.

So far this year, the company has 50% more policies under contract than it had last year, he said.

Milestone said it also received policies from 233 new brokers and agents in 2008.

deal stream reports .. Former Health Official Named Arkansas Insurance Commissioner

Jay Bradford, a former state health official, longtime insurance company executive and state legislator, is the new insurance commissioner in Arkansas.

Gov. Mike Beebe appointed Bradford to the position Jan. 15. He replaces Julie Benafield Bowman who resigned last month.

Bradford was director of the division of Behavioral Health Services within the Arkansas Department of Human Services for the past two years.

He previously worked in the insurance industry for more than four decades and was the founder and chairman of First Arkansas Insurance Group in Pine Bluff, according to the insurance department.

Bradford was also a state legislator in the 1980s and 1990s, serving as House speaker and Senate president pro tem.

This is a good question. Most often the answer is yes!

a. you can enjoy the benefit of your savings while you are able.
b. you can receive a large lump sum of cash for the policy
c. you can pursue your retirement goals with more cash in you bank account.
d. you should sell your life insurance policy.

This is an area we are professionals in. We are the leading online broker for life insurance settlements. Please take a moment to interact with our blof so you can find out just how to sell your unwanted policy for a large cash lump sum. Much larger than the cash surrender value.

Is this a fair statement? Buying insurance for the express purpose of selling it later is foolish and possibly illegal. Those who suggest such schemes are con artists, and we suggest that you report anyone who suggests such a transaction to your state insurance commissioner. Open Life Settlements helps people who have bought insurance for legitimate reasons sell policies that are now unwanted or unneeded due to changed circumstances. We do not broker policies that people have bought with the intention of conducting a life settlement.

This is a good question and we are happy to help you with such questions. TheInsuranceCorp.com Allows for you to get the most value for your policy. They are highly professional team who are committed to working with seniors who are interested in recieving the best education in the process and the best price for their policy in the secondary market.

Below is some more info.

Life settlement providers are responsible for paying the client a cash sum greater than the policy’s cash surrender value. The top providers in the industry fund many transactions each year and hold the seller’s policy as a confidential portfolio asset, and do not make it available to outside investors. It is these guys that get this done. They also have in-house compliance departments to carefully review transactions, give seminars to both financial professionals and senior citizens about life settlements, and most importantly, they are backed by institutional funds from a major bank.