Jonathan Holloway, co-founder of NoExam.com, a digital life insurance brokerage explains, "If the payout is paid in installments, the interest that accrues on the payouts … Planning for your family's future is an important one, so you should have all the information you need before you buy a term life insurance policy. Get a quote. For advice concerning your individual circumstances, consult a professional attorney, tax advisor or accountant. QualifiedIn the U.S., a tax-qualified annuity is one used for qualified, tax-advantaged retirement plans such as an IRA or 401(k). gtag('js', new Date()); If you decide to move forward with the transaction, Harbor Life will shop multiple providers to get you the best price for your policy. Insurers typically offer a variety of payout options for life insurance death benefits. If you decide to accept the offer, the life settlement provider will put together a closing package that includes a purchase and sale agreement. Fill out the form below. The process of doing a life settlement or viatical settlement starts officially when you submit an application that includes detailed information about you, your medical history and your life insurance policy. Fill out the form below to get started on calculating the estimated worth of your life insurance policy and exploring whether selling that policy for cash is the right financial move for you and your family. Each issuing insurance company is responsible for financial obligations of their respective insurance. The amount of life insurance you may need can increase or decrease with all the different changes in your life, such as getting married, buying a home, starting a family or getting a raise at your job. This calculator is created and maintained by Life Happens at LifeHappens.org. Prospective buyers will also consider the financial stability of your life insurance issuer, because they want to be sure the company will be able to pay the death benefit claim when it comes due. Life insurance calculator Let us do the maths How much life insurance cover do you need? A potential buyer’s perception of that risk will likely color the value they put on your life settlement offer. Access to this calculator is provided as a convenience to you. That notification permits the escrow agent, which holds the settlement payment in trust until the sale is finalized, to release the money to you. Understand the different payout options. Just answer a few questions about your finances and you’ll receive an instant result telling you how much cover you may need to ensure peace of mind and financial protection for the ones you love. Harbor Life will be compensated for life settlement transactions that originate on www.harborlifesettlements.com. Finally, most life settlement companies will require a minimum face value, which is the amount the policy pays out in death benefits. An online life settlement calculator can provide a quick general assessment of your eligibility to sell your life insurance policy, but it cannot replace the in-depth medical underwriting process required to accurately estimate the value of that policy. If you have an outstanding loan against your life insurance policy, prospective buyers will factor that into how much they offer. Copyright © 2020 Harbor Life. The amount of life insurance you may need can increase or decrease with all the different changes in your life, such as getting married, buying a home, starting a family or getting a raise at your job. Term life also known as pure life insurance, term life lets the beneficiary claim the life insurance payout within a defined term from one to 30 years. Your age and general health status figure into a key consideration of whether a life settlement or viatical settlement is a viable option for you: your life expectancy. Just fill in your information and hit calculate. This calculator estimates how a given amount of money might translate into monthly income, whether through TSP installment payments or through the various life annuity options. The life expectancy of the insured person in a viatical settlement is typically two years or less. gtag('config', 'AW-1011733398'); window.dataLayer = window.dataLayer || []; Life Insurance – Insurance that pays out a sum of money either on the death of the insured person or after a set period. gtag('set', 'allow_ad_personalization_signals', false); Use our life insurance calculator to get an idea of the amount of cover that’s right for you. Here at Harbor Life, we perform a thorough assessment of whether a life or viatical settlement is a viable option for you. Sonya Stinson is a New Orleans-based personal and business finance writer who's work has been featured among several prestigious publications including Forbes, CNNMoney, Entrepreneur, and many other notable outlets. It is calculated by specialists known as actuaries. function gtag(){dataLayer.push(arguments);} s.parentNode.insertBefore(t,s)}(window, document,'script', 'https://connect.facebook.net/en_US/fbevents.js'); Single Life pays a higher monthly amount but stops paying once you die, whereas, the Joint Survivor will pay a lower monthly amount but will continue until both you and your spouse are deceased. The types of policies that qualify for life settlements include universal life (which makes up the bulk of policies sold on the secondary market), whole life, and term life policies that can be converted to permanent. That continuing life expectancy gap tends to mean that, other factors being equal, life insurance policies covering men fetch higher prices in the life settlements market. This calculation usually consists of: 1. A life insurance policy is property that can be sold - so if your client has a policy they no longer want or need; it's a good idea to consider a Life Settlement transaction. They do so by multiplying the annual premium amount by the insured person’s estimated life expectancy in years. Our calculator will help work out how much life insurance you might need in just a few minutes, based on what you'll want to leave for your family, or the balance of your mortgage or other debts. To account for those uncertainties, life settlement investors apply a discount rate that ultimately affects the value of a life settlement for you, the seller. Collecting the death benefit from a life insurance policy is a relatively straightforward process in most cases. to get started on calculating the estimated worth of your life insurance policy and exploring whether selling that policy for cash is the right financial move for you and your family. gtag('set', 'allow_ad_personalization_signals', false); gtag('js', new Date()); While all kinds of life insurance policies can be sold on the life settlements market, universal life policies will usually fetch the highest prices. All life insurance calculators & tools. The most recent report from the Centers for Disease Control & Prevention shows that in 2018, the average life expectancy for U.S. males was 76.2 years, compared to 81.2 years for females. You can update the inputs on your copy. There are no results to display. You must be at least age 65 to make a traditional life settlement, and some life settlement companies (including Harbor Life) require you to either be age 70 or older or have a severe medical condition. Products may not be available in all states and product features may vary by state. It’s also difficult to make a reliable comparison between the potential returns of a life settlement purchase and the returns that might be possible from another type of investment. Harbor Life uses it solely to find and connect you with the best buyer for your policy. {if(f.fbq)return;n=f.fbq=function(){n.callMethod? Thus, the investment can be expected to yield a bigger net return. The employer arranges for the premium payments and the premiums paid by at least one employee subsidize those paid by at least one other employee (the “straddle” rule). All rights reserved. Your current age is one of the key variables in estimating your life expectancy, a gauge that buyers use to help determine how much they are willing to offer for your policy. A policy is considered carried directly or indirectly by the employer if: 1. A life expectancy estimate is not a certainty. Typically, they will be the Single Life and the Joint Survivor payout options. But before you take the step of contacting a life settlement company, you’d like to get some idea of how much money you can get for your policy – and whether you’re even eligible to sell it. A policy requiring lower total premium costs due to a shorter life expectancy will usually bring in a higher offer. A life insurance policy buyout through Harbor Life can take less than two weeks, while other life settlement companies can take as long as six to nine months. It is the largest group life insurance program in the world, covering over 4 million Federal employees and retirees, as well as many of … Harbor Life will refer qualified policy owners to one or several licensed life settlement brokers or providers. You will either provide Harbor Life with your medical records yourself or submit a list of health care providers who can supply the information. While experts can use actuarial tables and other tools to make general projections about the life expectancy of someone of your age, gender, health and lifestyle, they can’t make any guaranteed predictions of how long an individual person will live. *Source: Life Happens and LIMRA Insurance Barometer Study, 2016 ** Coverage Shortfall represents the additional amount of insurance you may need today to pay off immediate expenses and lump sum investment needed to provide future cash flow for income replacement needs. For more information, please visit the Life Insurance page. The higher the discount rate, the less money you will receive for selling your policy. There are a lot of different flavors of annuity contracts and they can be complex. The simplest way to calculate the premium for a specific life insurance plan is to check out the corresponding insurance calculator online. Is there any option to choose how one wants to receive the life insurance payouts? We’ll use the information you provide in your application to identify and connect you with an interested, qualified buyer in your area. An annuity is a financial product sold by insurance companies that provides a stream of payments over time to the purchaser (annuitant). The names of the Harbor Life users marketed as example transactions have been changed to protect the privacy of the user. gtag('js', new Date()); All personal information is kept strictly confidential and never sold. Less commonly qualified retirement plans include defined benefit pension plans, 403(b)s (similar to 401(k)s), Keogh Plans, Thrift Savings Plans (TSPs), and Simplified Employee Pensions (SEPs). All life insurance calculators & tools. If you find out you qualify for a life settlement or viatical settlement and that your policy is valued high enough to make selling it worthwhile, you can take the next step of talking things over with a Harbor Life representative before you make a decision. Or suppose you’re a 73-year-old Florida woman with relatively minor health complaints and a life insurance policy with a $750,000 death benefit. Life Insurance Calculator If you have loved ones who count on you to care for them, you should carry life insurance. They will look at how insurance industry rating agencies assess the company’s solvency, and the amount they bid will reflect how high that rating is. After an initial review of your application package, it goes to a life expectancy underwriter for an evaluation of how much your life insurance policy is worth on the life settlement market. Annuity Definitions – Terms Related to Annuity Calculator Annuity. If anyone depends on your income, getting life insurance could provide invaluable … Life Insurance Calculators & Tools These tools will help you decide how much life insurance you may need and the potential costs. Policyholders should instantly discover if they can sell a policy or if … When you reach retirement, and if your company provides a pension program, you will be offered a number of payout options. Please try again with a different filter. Keeping this in mind we offer a large range of life insurance plans such as term insurance plan, women's plan, health insurance plans, pension plans for retirement planning, child education plans, ULIPs, saving and investment plans. 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