Qualifying for a Life Insurance policy is easier when an individuals Seniors and Baby Boomers are ideally suited for a Life Settlement given their age, however, many others with health related issues can qualify to sell their life insurance since there are no age restrictions needed to qualify. Life Insurance Qualification typically happens in earlier years when the insured is healthy and can easily qualify without medical problems. As someone ages, the cost to qualify for Life Insurance rises dramatically making getting a new policy much more difficult.
Policy owners with a larger number of health issues typically receive a larger purchase price for their Life Insurance policy, however, anyone can sell their life insurance policy through a Life Settlement.
Medical Records Required for Life Insurance Qualification:
Life Insurance qualification requires a thorough review of an insured’s medical records and history. Many individuals avoid looking through their medical records because of the complexity involved in understanding medical terminology, anatomy terminology used to describe the human body and various health related conditions. This puts the average person at a disadvantage when attempting to dive into their health records provided by an attending physician.
While many people believe a Life Settlement is applicable only to Seniors or Baby Boomers, the reality is that life expectancy is one of the biggest criteria as part of qualifying for a Life Settlement. This means that many individuals who encounter significant health ailments at younger ages can seek a Life Settlement to help pay for medical cost or treatments. While it’s never good news to have medical issues, this provides some relief to individuals needing cash to cover expenses during critical times.
MEDICAL EXAMS NOT REQUIRED:
Life Insurance Qualification typically requires a medical exam to originate a new policy while a Life Settlement transaction does not require you to complete a medical exam. Underwriting a Life Settlement for a potential policy sale typically involves obtaining the last 5 years medical records from the insured’s primary and attending physicians providing treatment. Investors and/or their medical advisers review all medical records to completely understand any health related issues being treated by the insured.
LIFE EXPECTANCY REPORTS:
As part of originating a new policy, the Life Insurance Qualification process involves reviewing medical records to determine the insured’s health. Life Settlement uses the same process as Life Insurance Qualification but in reverse. In addition to reviewing medical records, some investors or underwriters will order official Life Expectancy reports from licensed Life Expectancy companies. A life expectancy report typically provides the investor with potential longevity estimate on the insured in order to better understand the health related issues in question.