Life settlements allow policy owners to get cash for unwanted, unaffordable or obsolete life insurance policies.

The sums received are usually considerably higher than you would get simply by surrendering or canceling your policy directly with the insurance company.

It used to be that if you had a life policy you no longer wanted, or couldn’t afford, your only option was to cash it in directly with the insurance company, at its surrender value. That figure is usually very low.

In recent years a number of intermediary, life settlement companies have been formed.

These companies generally offer you a much higher settlement price than you would receive by dealing directly with your insurance company.

However, the life settlement industry is young, and it is very hard for individuals to identify which settlement companies offers the best service.

That’s where AtAge60.com comes in.

Viatical settlements allow terminally ill policy owners to get cash for their life insurance policies.

Selling your life policy through a Viatical Settlement is available only to people with terminal illnesses, and usually only if their life expectancy is less that 2-4 years.

Until recently, when terminally ill people wanted to get cash from their life policies, their only option was to cash it in directly with the insurance company, at its surrender value. That figure is usually very low.

In recent years a number of intermediary, viatical and life settlement companies have been formed.

These companies generally offer a much higher settlement price than you would receive by dealing directly with your insurance company.

However, the viatical and life settlement industry is young, and it is very hard for individuals to identify which settlement companies offer the best service.

That’s where AtAge60.com comes in.

Compliance - The act of complying with a set of rules set up by a governing body.

E & O Insurance - (Errors and Omissions) Insurance a company has to protect themselves, financially, against making mistakes...verbally, written, or otherwise.

Escrow - Money put into the custody of a third party for the delivery to a grantee or seller only after the completion of a life insurance policy settlement.

Fiduciary Responsibility - Acting in the best interests of a client.

HIPPA law - (Health Insurance Portability and Accountability Act of 1996(HIPAA)) A set of laws requiring the Department of Health and Human Services (HHS) to create regulations governing the disclosure and use of health information.

Institutional Funder - A company who uses company funds, and does not accept an individuals money, to buy insurance policies. Also, an institutional funder polls the policy together into a poll of policies. If there is a transfer of ownership, all of the policies have a similar traits and are analyzed as a group of policies and not individually.

Life Expectancy - A determination of how many years a person has to live based upon statistical data and the insured's medical history. Life expectancy is an educated guess and is calculated by independent medical underwriter companies.

Life Settlement - A Life Settlement is a contractual arrangement in which a funder buys a life insurance policy from people, beyond the age of 65, for a percentage of the face value.

'Low-balling' - The act of offering significantly less than the fair market value for a life insurance policy.

Private Funder - A company or group of investors who poll money together to buy insurance policies. Private funders are often interested in 're-selling' individual policies on the open market. Each time the policy is sold among private investors, new medical underwriting, on the insured, is typically required.

Viatical Settlement - A Viatical Settlement is a contractual arrangement in which a funder buys a life insurance policy from terminally ill patients for a percentage of the face value.

• Policy Face Value of over $50,000 - no maximum face value.

• Insured usually has a life expectancy of 15 years or less

• No medical exam.

• We determine the life expectancy when we obtain the medical records of the insured. Once we review it, two independent third parties determine the life expectancy of the insured.

• There can be variances in the estimated life expectancy and this can lead to different offers from different funding companies. That is why we negotiate with every funding source.

• Must be a change in health status since the issue of the policy.

• Age must be over 60, however typically clients are over the age of 74.

• Policy Face Value of over $50,000- no maximum face value.

• Insured must be terminally ill, usually with a life expectancy of 2-4 years.

• No medical exam.

• We determine the life expectancy when we obtain the medical records of the insured. Once we review it, two independent third parties determine the life expectancy of the insured.

• There can be variances in the estimated life expectancy and this can lead to different offers from different funding companies. That is why we negotiate with every funding source.