We Answer Your Frequently Asked Questions

Atina Funding answers frequently asked questions about life settlements, the sale of unwanted or unneeded life insurance policies for cash. If you are a senior age 65 years or older, with a life insurance policy valued at $50,000 or more, and you can no longer afford, or no longer want or need, this policy, Atina Funding may be able to help you sell it for cash you can use today to pay for other needs such as retirement, long-term care costs, or cash for living expenses. Contact Atina Funding today for more information about how we may be able to help you.

What are life settlement agreements?

Generally speaking, a life settlement is the sale of a life insurance policy to a third party for more than the cash surrender value. It is an option which may be available to seniors age 65 or older who have an old life insurance policy valued at $50,000 or more that they can no longer afford, need or want.

How does the application process work?

Once you complete an application and medical release forms, we gather information from your insurance company and your doctors. If you qualify, investors then will make offers, which you can either accept or not accept.

Is my personal information protected?

Yes, all of your personal information is kept confidential and cannot be given to anyone without your written approval. Only investors who wish to consider making an offer will have pertinent information.

What is a life settlement broker?

A life settlement broker helps the life insurance policy seller (you) find the best offers for an unwanted, unneeded policy. A life settlement provider represents the investor (buyers) of the policies. Atina Funding is a broker. We represent only sellers like you.

How soon will I get money for my policy?

Each transaction is different. Generally, though, the entire transaction takes about 60 to 90 days to complete. Once the insurance carrier has completed the “change of ownership,” the provider will issue a check.

What if I die shortly after selling?

If you die at any time up to the 15th day after you receive funds from the provider, the settlement contract will automatically be cancelled. The provider will pay the policy owner or beneficiaries any proceeds it receives from your policy, less any funds already paid for purchase and premiums.

What if I change my mind about life settlement?

You can cancel the transaction at any time up to the 15th day after you receive the funds. If you cancel, you must return the funds to the provider, along with any premiums the provider may have paid to keep the policy in force.

Will I be contacted about my health status?

The Texas Insurance Code 1111A.12(a)(13) states that contact is limited to once every three months if the insured has a life expectancy of more than one year, and not more than once per month if the insured has a life expectancy of one year or less.

What if I don’t want to be contacted?

You may appoint an adult person or persons to be contacted on your behalf. That person must be a regular contact with you, and you must give the provider their name, address and phone number. Once you give the provider this information, no one will contact you unless they have tried for 30 days and been unable to reach your contact person.

Will the provider call my doctor?

Some providers will use your signed medical release form to check with your doctors for updates on your health status. The medical release authorizes your doctor to release medical information about you to the provider or broker.

Who makes money on the sale of my policy?

The Texas Insurance Code indicates that the seller may request information regarding the disclosure of payments related to all the brokers involved in the transaction and that all the brokers involved in the transaction are required to provide this information to the seller.

Are there other options besides the sale of my policy?

Your insurance company may offer options, such as accelerated death benefits, loans, and surrender of the policy for its cash value. Before entering into a life settlement, you should contact your insurance company or agent to see what options are available.

Will the terms of my policy affect my settlement?

Some policies contain extra coverage. You may want to contact your insurance company or agent to see if you policy contains a provisions or rider providing extra coverage. If your policy includes a benefit for accidental death, the additional benefit may not be included as part of your settlement. If your policy is a joint policy, or provides coverage for others, there may be a loss of coverage. Please check with your agent.

What else should I know about life settlements?

You should know some other effects of life settlements could be a change in the amount of premiums, policy cash values or dividends; tax consequences, and a possible limitation on the future purchase of insurance. Also, the money you receive from life settlement could be accessed by creditors, personal representatives, trustees in bankruptcy, and receivers in state or federal court. It also may impact your ability to receive supplemental social security income.

What if I have a complaint?

Click here to contact the Department of Insurance in your state.

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