Annuitants Need to Secure a Life Insurance Policy if They Wish to Sell a Life Contingent or Non-Guaranteed Structured Settlement Annuity
You can sell your life contingent structured settlement annuity.If you’d like to sell your life contingent or non-guaranteed structured settlement annuity payments you’ll have to be willing to get a life insurance policy to protect the transaction. The amount of insurance we request is based upon an amount that will protect an investor’s future investment for the specified term of the payments an annuitant wishes to sell. For more general information on selling life contingent annuities please refer to the article titled “You Can Sell Your Life Contingent or Non-Guaranteed Structured Settlement Annuity”.Fill Out a Preliminary Life Insurance Questionnaire
The first step in getting a life insurance policy is to request a quote from a life insurance agent. In order for us to get a quote you’ll be asked to fill out a preliminary life insurance questionnaire that will ask you a few basic questions concerning your health. We will request life insurance coverage up until the date of the last annuity payment in the proposed structured settlement annuity transfer. This coverage is needed to protect the transaction in the event that the annuitant dies. Below is an example of a typical form you can be expected to fill out should you seek to sell your life contingent annuity. There are certain obvious factors that affect the cost of life insurance including but not limited to age, medications taken, prior surgeries and smoking habits. The information on the form is for illustration purposes only and is bogus information.
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Originator/Factor: Corona Capital |
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Annuitant's Name: John Doe |
AKA: John Does; Jon Doe |
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Date of Birth: 01/01/1969 |
SSN: 111-11-1111 |
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Address: 123 Main St |
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City: Springfield |
State: MA |
Zip: 01109-0202 |
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Telephone : (508) 222-2222 |
Telephone : (508) 111-1111 |
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it |
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Sex: Male |
Height: 6ft 2in |
Weight: 200 |
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Does the Annuitant Smoke? Yes |
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Has the Annuitant Had a DUI in the Past 5 Years? No |
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Explain Any Surgeries the Annuitant Has Had? Historectomy, Tonsilectomy, Knee Surgery |
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List Any Medications the Annuitant Takes: Effexor EX 300mg, Xanax 1mg |
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Is the Annuitant Paralyzed? No |
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Amount of Coverage Needed: $120,000 |
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Years of Term Insurance Needed: 20 years |
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Date Coverage to Begin: 2/1/2012 |
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Additional Notes: He sustained burns in the accident which was the reason the structured settlement was awarded back in January of 2003. Do not type below this line. For Internal Office Use Only
***************************************************************************** Quote: $ Single Payment
*All quotes will be based on standard rates. Actual final premium is determined after underwriting is completed. |
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Once the form is completed it is sent to the life insurance agent that we work with. The agent will generally respond to our life insurance quote request within 1 to 2 business days. Once we receive the quote back from the agent we’ll be able to determine whether or not we’re able to buy an annuitant’s life contingent structured settlement annuity. If we are able to proceed we'll ask the life insurance agent to fill out a formal life insurance application with the annuitant.
Life Insurance Application and Paramed Exam
The annuitant will need to fill out the life insurance application, sign it and mail it back to the life insurance agent. Once the insurance company receives the application they will set up a paramed exam for the annuitant. A paramed is a basic medical exam that may include any or all of the following:
- Blood Pressure Test
- Blood Test
- Height/Weight Measurement
- Urine Analysis
The nurse that took the medical exam will then send the blood and urine samples along with the data collected from the blood pressure test and height/weight measurements to a laboratory for analysis. The results of the test will eventually be sent to the underwriter that works for the insurance company. The underwriter’s job is to determine how much risk is involved to insure the annuitant and to ultimately decide whether or not it’s a good business decision for the insurance company to issue a life insurance policy to the annuitant for the term requested. The underwriter may approve or deny the application based on the information collected and the amount of coverage being requested. The entire process can take between 3 to 6 weeks during which time we would be working on the court process of buying the annuitant’s structured settlement annuity. If you decide to sell your life contingent structured settlement annuity call Corona Capital at +1 (888) 852-5658 or contact us online to request a quote or ask further questions.
Articles Regarding the Sale of Annuity, Lottery, Structured Settlement and Life Contingent Structured Settlement Payments
- Get a Quote Before You Sell Your Annuity or Structured Settlement
- How Much Money Will You Get Should You Sell Your Structured Settlement Annuity?
- How to Sell a Structured Settlement Annuity
- How to Get Life Insurance to Protect a Life Contingent or Non-Guaranteed Structured Settlement Annuity Transfer
- Know Your Discount Rate Before You Sell a Structured Settlement Annuity
- Sell Your Annuity
- Sell Your Life Contingent Structured Settlement Annuity Payments
- Sell Your Lottery Payments
- Should You Sell Your Structured Settlement Annuity?
