I have 2 weeks to convert my policy. Can I still do a life settlement?

If I had a nickel for every time I was asked if someone could sell their life insurance policy when they only had a few days left to convert I wouldn't be a very rich man.
But I might have a Hamilton in my pocket (As in Alexander Hamilton; that's a $10 bill -https://www.youtube.com/watch?v=LBSuwa8mf9o great video about Hamilton).

First a brief background on what it means to convert.

The most common type of life insurance people are sold is term life insurance.
From Wikipedia (http://en.wikipedia.org/wiki/Term_life_insurance)
Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
Sometimes, policy owners  also have the option to convert their term life insurance policy into a permanent policy without any additional underwriting (meaning no new medical exam is needed).

The conversion option differs between life insurance carriers.
Some allow you to convert up until the 5th year while others let you convert until the insured reaches age 65 or 70.
The conversion option is fantastic for those who still need life insurance but have had a significant change of health.
Why? Because they don't need to go through underwriting again.
BUT it is also a fantastic opportunity - for those who cant afford it anymore or do not need the insurance - to possibly do a life settlement and recognize a windfall of money.
The money could be used for anything they like.
It could help pay for a stay at a nice nursing home, pay for the grandkids college education, or a trip to Disney World.

So why don't more people do it?
Well that's a good question.
I believe part of the reason is that people have never heard about the life settlement option.
SO SPREAD THE WORD.
Every insurance agent should be recommending this to their older clients that still have the option to convert but that choose not to.
In my mind this should be mandated by every State Insurance Department.


Why do people wait for the last second?
Another good question.
I think people are scared of what they don't know.
But Ill tell you what - when they get the money from the life settlement they're pretty happy they followed through.

What's the problem with waiting to the last second?
There is no problem if you can afford to pay the conversion premium and convert the policy yourself.
Often time the problem is that people don't have the money or don't want to pay to convert it themselves.
They are hoping that a life settlement fund will buy the policy and will pay the conversion premium.
However the funds buying these policies aren't very comfortable laying out money on policies they don't own.
They would rather buy the policy with plenty of time left to do the conversion; but they prefer to buy policies that have already been converted.



Whats the Golden Bridge Funding Difference (www.goldenbridgefunding.com)?
Great question.
Golden Bridge is different from other funds.
We're nimble.
We make quick (not hasty) decisions.
We can be creative when providing solutions for  people facing this situation

Call us because we can help when you're stuck!

www.GOLDENBRIDGEFUNDING.com