Q. What is the difference between a broker and provider representative?
A. There is a difference between a broker and a provider. Both can help you with the sale of your life insurance policy, but a licensed broker works for you and will make sure you get the best offer. The provider will usually not have the ability to make multiple offers on your policy, due to limited access of qualified buyers.

Q. Will my information always be keep confidential?
A. At Cambridge Settlements, all personal information is kept confidential, whether it is financial, medical or personal, nothing is shared without permission.

Q. Am I allowed to change my mind?
A. In most states you have 15 days (in some States us to 30 days) after the receipt of the money from the provider to change your mind. If you change your mind you have to take care of the legalities involved, like the money transfer and the insurance policy transfer back to your name.

Q. Will anyone contact me after I receive my money?
A. Usually your agent will call once or twice to say hello and to check to see how you are doing.

Q. Will my provider be calling my doctor to check on my health?
A. In most instances your signed medical release will be used to obtain all information from our medical provider. You have the right to withdraw your medical consent.

Q. Does a terminally ill person qualify for a life settlement?
A. Yes, it is called a viatical settlement. You are required to have a illness that life threatening and you are not expected to recover. You as the owner of the policy are allowed to sell it for a percentage of the face value, giving you financial independence for your uncovered medical expenses or just to live.

Q. How does this type of settlement work?
A. The first step is to select a Life Settlement Broker who you trust and will work in your best interest. Then you will need to complete all applications and medical release forms. One all medical information has been gathered, a buyer will make our an offer depending on all your information. When you decide to accept an offer, you will sign a viatical settlement contract.

Q. Do I have to sell my policy in it’s entirety?
A. No, the by laws of a life settlement allows you to sell all or part of your life insurance policy. You need only assign the part of your policy you are selling to the buyer and your beneficiary continues to be the owner of the remainder of your policy upon death.

Q. Once everything is completed, when do I get my money?
A. Usually this depends on the broker. At Cambridge Settlements, we aim for the quickest settlement possible. Once everything has been completed, the money is usually released from the escrow account in two to four business days.

Q. What are my other options beside selling my policy?
A. It is possible your particular life insurance policy may offer other options, such as accelerated death benefits or a policy surrender for cash value. Your insurance agent will be able to advise you as to what is available to you.

Q. Will I incur any tax consequences?
A. You may, and you should check with a qualified account, who should be able to answer all your tax questions about a life settlement.

Q. If I have liens or bankruptcy against me, can the money from my life settlement be taken?
A. It is possible and you should check with a lawyer versed in bankruptcy laws.

Q. How will my taxes be affected?
A. This varies from State to State and advice from a professional tax account or advisor is necessary.