How it works
Individuals age 65 and older may apply to sell their policies to investors. Since life settlements are regulated transactions in most states, individuals who wish to sell their policies must do so through a licensed broker or through a licensed provider representing investors interested in purchasing the insurance policies.
Atina Funding is a licensed broker, and we represent only seniors who wish to sell an unwanted, unneeded life insurance policy. We never represent investors interested in purchasing policies.
Step #1: Contact us for a free, no obligation consultation to determine if life settlement is right for you and your family. If you are interested in applying for a life settlement, one of our knowledgeable, experienced staff will guide you through the process.
Step #2: Once you have completed and submitted your application and all questions have been answered, we submit your application to underwriting for approval, and then we search for the right buyer for you.
Step# 3: Once we find the right buyer, and the buyer has analyzed the value of your policy, the buyer either will decline or extend an offer. We may seek competing offers on your behalf.
Step #4: We present you with an offer, and you either decline or accept.
If you accept the offer, the buyer’s representative will prepare a purchase and sale agreement and any other documents necessary to complete the transaction. If the terms are acceptable, all parties will sign the documents, and settlement funds will be placed in an escrow account. Once the insurance carrier is notified of the change of ownership and the new beneficiary (the purchaser), then the escrow agent releases the settlement payment to the seller of the policy. Each transaction is different, but generally, the entire transaction takes from three to four months.
The market—what buyers are willing to pay for it, determines the value of your policy. Typically, buyers will take into consideration the following factors when determining the value of your policy:
- The age, life expectancy and health of the insured party;
- The type of life insurance policy (Whether it is a universal life, whole life or term policy);
- The amount of the death benefit;
- The cost of premiums to keep the policy in place;
- The rating of the insurance company; and
- Market supply and demand.
As your broker, we will help you find the best buyer for your policy by soliciting multiple offers.
About Life Settlements
Besides the family home, a life insurance policy often is one of the most valuable assets we own. However, as we age, that life insurance policy, with its escalating premiums, can become a burden.
At one time, the only way to get relief from that burden was either to let the policy lapse and lose all benefits–money down the drain–or, perhaps to “surrender” the policy to the insurance company for whatever cash value the insurance company is willing to pay. Now, there is another way: Seniors age 65 or older may sell their policies for cash they can use now to:
- Replenish retirement accounts,
- Pay off medical bills or debt,
- Take a dream vacation,
- Purchase a luxury item, or
- Cover the high costs of long-term care.
Regardless of your financial needs or desires, we can help you determine if a life settlement is the best option for you and your family.
All brokers and buyer’s agents are prohibited by law from sharing any financial, medical or personal information about you with anyone without your express, written consent. However, to complete the transaction and sell your policy, you may be required to provide certain information to the potential buyer. Please read the FAQ section for more information on your privacy rights throughout this process.
Proceeds from the sale of your policy may be taxed. It is important, before you decide, to consult with your tax advisor regarding any tax consequences.
How does Atina Funding get paid?
For helping you find the right buyer for your policy, we earn a commission on the sale. This commission is negotiated with the buyer. The buyer’s agent also earns a commission on the sale. All commissions are paid upon completion of a satisfactory transaction.
Is a life settlement for you?
Only you can decide if life settlement is the best option for you. We invite you to contact us for a free, no-obligation consultation about life settlement if you are:
- A senior 65 years or older, and own a life insurance policy valued at $50,000 or more.
- Tired of paying premiums on a policy you no longer need or want.
- Paying premiums that are increasingly unaffordable and a burden on your family’s finances.
- Considering letting your policy lapse.
- Considering surrendering your policy to your insurance company for cash value or borrowing against your policy to meet your financial needs.
- Changing your estate plan.
- Experiencing a change in your financial circumstances.
- Experiencing a change in life circumstances (such as divorce or sale of a business).
- Need money to pay for long-term care.
- Need money to pay for medical expenses.
- Want money to enjoy your life more while you still can.
- Need to replenish retirement accounts.
- Ready to learn about all your options before you decide.