Life Insurance for Structured Settlements
Life Insurance for Structured Settlements and Life Insurance for other revenue streams such as: Lottery Winnings, Annuities, Pension Streams or whatever the case may be, the buyer (The Person or Company that puts up the cash) of your revenue stream may require you to get a Life Insurance Policy . Once in place they will ask you to do a Collateral Assignment ( Definition is below) of the Policy. Sounds pretty simple and straightforward? It can be a bit more difficult than you may think!
M2 Insurance has done these type of policies and understands what lenders will require. Not all carriers will consider doing a Collateral assignment! If you pick the wrong carriers and then have a Collateral Assignment done, the carrier may outright cancel your policy! Big trouble for you , especially if you are on a timeline.
I Understand these type of deals…Time is of the Essence!
We work with a few lenders that will do a Non Medical Policy approval in as little as a week. Although more expensive , these can be the best solution if you are under a timeline.
If cost is an issue and you have the time , the only other option would be a fully underwritten medical Policy. These are less expensive policies. We do our best to rush this through, but the reality is 4-6 weeks for approval.
How is your Health?
If you have Health issues then we would have to explore other options. We can insure most High Risk Health conditions. When we speak make sure to have as much information as possible about any health conditions:
Age of Diagnosis, Current Status, Last Dr visit, How are you handling your current condition? Any Prescription Drugs, Any known current reading for your condition? ( i.e. Diabetics need to know A1C ratings, Hypertension should know current BP results etc.)
As a Broker with access to over 60+ A-A+ rated Insurance companies , I have the experience to place these type of Policies. I know which which carriers will accept this type of assignment. I reply to all requests in a speedy and efficient manner. Let me earn your business by providing excellent , personalized service.
Definitions of Various Terms:
Collateral Assignment of Life Insurance Policy:
Collateral assignments will often be placed on life insurance to guarantee the loan upon the death of debtor. If a collateral assignment is placed on life insurance the assignee will receive any amount due to them before the beneficiary is paid. If there is more than one assignee, the assignees are paid based on date of the assignment, i.e. the earlier assignment date gets paid before the later assignment date
A structured settlement is a financial or insurance arrangement, defined by Internal Revenue Code as periodic payments; a claimant accepts to resolve a personal injury tort claim or to compromise a statutory periodic payment obligation.
Selling a few years of your retirement pension payments and receive a lump sum. This could also apply to Military Pensions and other Government pensions.
Please contact me if you require a quote or if you are interested in our Life Insurance Services. My number is 512-963-5000. You can also fill out our contact form.