Senior & Life Settlement Qualifications
The criteria for a transaction differ depending on the funding company that purchases the policy. This criteria includes but is not limited to the age of insured, face value of the policy, and the life expectancy of the insured. RCT is able to provide some of the fastest services in the industry with our in house underwriting team. This team matches our clients to ALL of the 35 funding companies we are currently doing business with. This ensures that your policy receives the highest offer available in the current market.
We have adopted a general policy that explains the qualifications for our life insurance settlements.
Life Insurance Qualifications
- All types of life insurance qualify (Whole Life, Term, Universal Life, Corporate Owned Life Insurance, Survivorship, Even policies in Irrevocable Life Insurance Trusts
- Non contestable policies only, held for at least 2 years.
- Basically it does not matter who owns policy, if the insured qualifies. The policy can be owned by the insured, a business, family member, charity, or any one of thing with an insurable interest in the life of the insured.
Life Settlement Qualifications
- Policy Face Value of over $100,000 – no maximum face value
- Insured must be terminal with a life expectancy of 12 years or less.
- No medical exam
- We determine the life expectancy when we obtain the medical records of the insured. Once we review it, two independent third parties determine the life expectancy of the insured.
- There can be variances in the estimated life expectancy and this can lead to different offers from different funding companies. That is why we negotiate with every funding source.
- Must be a change in health status since the issue of the policy
- Age must be over 60, however typically clients are over the age of 74.