Annuitants Need to Secure a Life Insurance Policy if They Wish to Sell Life Contingent Structured Settlement Annuity Payments
You can sell life contingent structured settlement annuity payments for a lump sum of cash.
If you’d like to sell life contingent structured settlement annuity payments you’ll have to be willing to get a Life Insurance Policy to protect the transaction. The amount of insurance needed is based upon the amount that will protect an investor’s interest in the specified term of the payments being sold. For more general information on selling life contingent annuity payments please refer to our page Sell Life Contingent Structured Settlement Annuity Payments.
Fill Out a Preliminary Life Insurance Questionnaire
The first step in getting a life insurance policy is to request a quote from a Life Insurance Agent. In order for us to get a quote you’ll be asked to fill out a preliminary life insurance questionnaire that will ask you a few basic questions about your health. We’ll request life insurance coverage up until the date of the last structured settlement annuity payment being sold. This coverage is needed to protect the transaction in the event that the annuitant dies. Below is an example of a typical form you can be expected to fill out should you seek to sell life contingent structured settlement annuity payments. There are certain obvious factors that affect the cost of life insurance including but not limited to age, medications taken, prior surgeries and smoking habits. The information on the form is for illustration purposes only and is bogus information.
Once the form is completed it is sent to the Life Insurance Agent that we work with. The Agent will generally respond to our life insurance quote request within 1 to 2 business days. Once we receive the quote back from the Agent we’ll be able to determine whether or not we’re able to buy the life contingent structured settlement annuity payments. If we are able to proceed we’ll ask the Life Insurance Agent to fill out a formal life insurance application with the Annuitant. This should generally only take a few minutes. The Annuitant will have to sign the application and return it. While this is happening Corona Capital will get started on the process of preparing the paperwork to transfer life contingent structured settlement annuity payments. The whole process takes about 60 days depending on the state where the Annuitant lives and how quickly all parties to cooperate to file all the necessary paperwork.
You can sell life contingent structured settlement annuity payments for a lump sum of money.
Life Insurance Application and Paramed Exam
The Annuitant will need to fill out the life insurance application, sign it and send it back to the Life Insurance Agent. Once the insurance company receives the application they will set up a Paramed Exam for the Annuitant. A paramed is a basic medical exam that may include any or all of the following:
Blood Pressure Test
The Nurse that took the medical exam will then send the blood and urine samples along with the data collected from the blood pressure test and height/weight measurements to a laboratory for analysis. The results of the test will eventually be sent to the Insurance Underwriter. The Underwriter’s job is to determine how much risk is involved to insure the Annuitant and to ultimately decide whether or not it’s a good business decision for the insurance company to issue a life insurance policy for the term requested. The Underwriter may approve or deny the application based on the information collected and the amount of coverage being requested. The entire process can take between 3 to 6 weeks during which time we would be working on the court process of buying the Annuitant’s life contingent structured settlement annuity payments. Please watch our video entitled Sell Life Contingent Structured Settlement Annuity Payments for more information.
If you decide to sell life contingent structured settlement annuity payments call Corona Capital at +1 (888) 852-5658 or contact us online to request a quote to sell life contingent structured settlement annuity payments or ask further questions. Life Contingent Structured Settlement Payments are our specialty. We’d love to hear from you!
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