Today, viatical settlements are financial options for individuals facing a life-threatening illness. Individuals who have a life insurance policy can sell all or part of the policy for immediate cash, with no restrictions on how they use the money. Typically, a settlement can be made on any kind of life insurance policy, regardless of ownership, when the insured has two years or less to live. The purchase price may be as high as 80% of the policy's death benefit

WHAT IS A SENIOR OFFER?
The practice of selling a life insurance policy originally was created to meet the financial needs of individuals facing a life-threatening illness. However, as the "viatical" industry continues to develop, viatical companies are purchasing life insurance policies of seniors. Because seniors face increasing healthcare needs, rising medical costs and diminishing insurance coverage, the Senior Settlement was created. Each year, thousands of individuals who meet certain requirements, sell their policies and create an immediate value from an otherwise dormant asset. Seniors may no longer need the amount of insurance they have, their financial situation may have changed or they simply want to stop paying for expensive premiums. The process is the same as a viatical settlement.

STEPS IN THE PROCESS
Safe Harbour Insurance Agency has access to several funding sources that purchase life insurance policies. We can shop each case to many different investment groups to get you the best possible offer. First, we need our preliminary application filled out and returned via email or regular mail. We will then request a copy of your medical records and a copy of your life insurance policy and in-force ledger. And, finally a copy of a picture identification, (for example, your driver's license).

The entire process usually takes between four to six weeks to complete. Most insurance polices qualify. The process is simple. When we receive the completed paperwork, we immediately begin to process your case. We submit your policy to several different funding sources to ensure we receive the highest dollar amount for your policy. We then submit that amount to you for approval. If you decide to accept the offer, forms are completed transferring ownership of the policy. Once ownership changes are completed, you receive the amount you accepted in a lump sum.

The four items we need to begin trying to sell your policy are:

1. A completed and signed application.
2. A copy of your medical records.
3. A copy of your life insurance policy and in-force ledger.
4. A copy of a picture identification like a drivers license or passport.