Life Settlement Company

Prepaid life settlement company policies are whole life insurance policies that are normally offered to elderly applicants, although they are on hand for any age. This type of insurance is specifically designed to cover funeral expenses when the insured individual becomes deceased. In many cases, the applicant at the life settlement company signs a pre-funded funeral arrangement with a funeral parlor at the time the insurance policy is applied. The death insurance proceeds are guaranteed to be allocated first to the funeral services insurance provider for payment of rendered life settlement company services. Most life settlement company contracts normally dictate that any excess insurance proceeds will go to the estate of the insured or a beneficiary that’s specifically designated. The life settlement company products are sometimes assigned into a trust fund at the time of the issue, even shortly after the issue. The insurance policies are irretrievably assigned to the trust fund, and the trust becomes the policy owner. Since a whole life settlement company policy has the cash value component, and a loan provision, it may even be considered an asset. Assigning the insurance policy to a trust fund means it can no longer be considered an asset for the individual with the life settlement company. This can certainly have an impact on the individual’s ability to qualify for Medicaid or Medicare.

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