The life settlement industry is complex and for individuals who are interested in selling their life insurance policy, the process can be challenging and confusing. Many companies have an abundance of information on their webpages, but in most cases, the language is technical jargon that can honestly be simplified. While there is no telling as to why companies make it difficult, what is for certain is that as someone who has a policy to sell, it is only fair to receive clear and simple information so that the right decision can be made.
There are different types of life settlement companies – those that directly purchase life settlements, and others that function as a broker to connect investors to policy sellers. With that, this review would like to introduce a company in the latter category called Ashar Group Life Settlement and Policy Appraisals.
What Is Ashar Group Life Settlements?
Ashar Group, LLC is a life settlement broker that connects those who are interested in selling their life insurance policy to investors and other companies who may want to buy it. In addition to connecting parties, the company is also responsible for valuing the policy based on its standards. According to the brand’s website, the company calls itself a “specialist in the Secondary Market.” A secondary market is comprised of companies and individuals whose purchase existing life insurance policies. The policies are frequently bundled into what are called “death bonds,” especially if one is investing. On the other hand, the primary market is the life insurance market itself.
Further, because Ashar Group serves two parties – the client and the buyer – it is important to consider the dual interest that the company has and to thus perform one’s own due diligence, research, and care concerning their own policy. This way, individuals may be able to receive the best price for their policy, should they choose to sell.
15 Years Of Experience
Life Settlements is an industry that began in the early 1900s and eventually proliferated in the 1980s when more and more companies and investors were noticing the value of such transactions. Ashar Group has 15 years of experience in the industry and it mentions that its purpose is to “held clients appraise, negotiate, and monetize their life insurance annuity assets with extraordinary care and professionalism.” As previously mentioned, while the company may be working in the interest of the policy holder, it is also working for those who purchase the policies. Therefore, it is best to be aware of this fact and to go through the process with care.
Qualities That Make Ashar Group Unique
Every life settlement company has its own unique features and qualities. Understanding what sets certain companies apart from others can make it easier for individuals to make the right decision for their needs. Here are the qualities that make this company unique:
The Power Of Relationships
First, the company works to leverage its relationships using its “preferred status” to ensure that those who are selling their policy receive an outcome that is right for them. Additionally, the company explains that its relationship is for the “long haul,” which could mean that it helps individuals through the process every step of the way. Over the years, the company has worked to build a positive reputation with precision.
Protected Advisor And Client Experience
Second, the company has a team of advisors that work with the client so that the client has the support and guidance that they need to make the right decision concerning their policy. It is important to recognize that advisors may vary in experience and quality, so if one does work with Ashar Group, it may be beneficial to ensure that the advisor that one receives is easy to work with, transparent, and is available to answer questions when they arise.
Secondary Market Insight
Finally, the company mentions that it has secondary market insight and that its experts, industry experience, and preferred status enable it to ensure that clients work with trustworthy individuals who can help throughout the process. Selling one’s life insurance is a big step, which is why it is important to work with someone that can be trusted (but to also rely on one’s own due diligence as well).
Clearly, there are a number of qualities that set Ashar Group apart from other companies on the market. That is not to say that other life settlement companies may not have these qualities, but these are just qualities that Ashar Group points out that are unique to it.
Qualifying For A Life Settlement Policy With Ashar Group
Not everyone qualifies for a life settlement and many companies have their own standards of who is eligible. In this case, here are the requirements for qualifying for a life settlement through Ashar Group:
- Median life expectancy of 15 years or less
- Change of health since the policy’s issuance
- The policy is a standard or preferred policy
- There is no loan on the policy
- The premiums are low
- The policy matures at age 100
- The policy is worth upwards of $100,000
- The policy is a university life, whole life, or survivorship universal life policy
These are just a few of the many qualities that the company may consider when determining one’s eligibility. Most life settlement companies prefer clients with a low life expectancy so that the death benefit take effect sooner, rather than later. This way, the company may not have to pay the premiums for years to come – if that is something the company has agreed to do.
Potential Reasons For Choosing Ashar Group
Ashar Group also identifies a number of reasons for choosing it and that may be unique to its life settlement process.
Reduce Or Eliminate Future Premiums
The company explains that it may be able to reduce or eliminate future premiums. This benefit is ideal for those who have a hefty premium burden that they do not want to keep paying and who also are looking to generate extra funds at this point of their lifetime. Without the premium payments and with a lump sum payment, individuals may be able to live more comfortably.
The Life Insurance Policy Is Not Necessary
Those who have an existing life insurance policy may want to consider a life settlement if their current policy is not necessary. That is, the beneficiary may no longer need the life insurance or the policy holder prefers to use the funds in their lifetime rather than leave it to loved ones.
Funding Long Term Care
Long term care is expensive and those who do not have the funds to pay for it may find themselves and their loved ones struggling. In this case, it may be viable to determine whether a life settlement is the right option. Keep in mind that if one has a terminal illness, it may be best to keep the life insurance policy because it ensures that loved ones will receive the full death benefit, rather than a lesser amount.
Charity Or Non-Profit
Lastly, a very unique reason that Ashar Group points out that may be a consideration in choosing a life settlement is for charity or non-profit purposes. Meaning, those who may want to donate a lump sum to their favorite cause may be able to do so through a life settlement.
Taking the above considerations into account when opting for a life settlement can help individuals ensure that they are making a decision that works well for them. Everyone’s circumstances are unique and it is best to look at one’s own experience to assess the issue.
Compliance And Licensing
One of the most important qualities to look for in a life settlement company is that it is licensed to work in one’s state. If a company is not licensed in the state, it is best to look elsewhere. In regard to Ashar Group, the company is licensed to transact life settlements in almost every state where it is applicable – meaning, where the state has laws requiring regulation of the life settlement transaction. In states where the company is not licensed to transact business and where a license is required, the company may be able to perform viatical life settlement transactions only. These states include Delaware, Michigan, and Mexico.
For those who are unaware, there is a slight difference between life settlements and viatical settlements – although, most companies use them interchangeably. A life settlement is a transaction between an individual and a company whereby the individual sells their life insurance policy for more than the surrender value, but less than the death benefit. The individuals in this scenario are not terminally ill. To the contrary, a viatical settlement is the same transaction, but where the individual is terminally ill. Those who choose viatical settlements do so because they need the cash immediately. However, if there is no immediate need, then it may be best to wait until the death benefit becomes valid.
Transparency, Disclosures, And Client Inquiry Packets
To further its compliance efforts and to provide clients with the information that they need to make the right decision, Ashar Group also will provide disclosures and client inquiry packets to those who request them. The packets are state specific so that individuals can evaluate the company’s standing in their state and its reputation as well. Another step that individuals can take to receive information concerning the company’s compliance efforts is to contact the company and to inquire.
By choosing a company that is transparent, open, and available to provide information, those who sell their policy can feel more confident that they are undergoing a transaction that is suitable for them.
Anti-Fraud Plan And Client Confidentiality
Two very interesting features of Ashar Group Life Settlements is that the company has an anti-fraud plan in place and client confidentiality measures to ensure that clients and their information are protected throughout the transaction.
The anti-fraud plan, at first glance, may seem that it is for the benefit of the client – but in actuality, it is to mitigate instances of fraud perpetrated by the client. As the company mentions in its plan, providing false information in an application may be guilty of a crime. Keep in mind that there is nothing untoward about the request for truthful information – those who fill out applications should do so with correct information.
The second important feature to consider is the client confidentiality. According to the company, the underwriting process is done with HIPPA compliance, which means that the company cannot divulge one’s medical records to a third party. Further, the identity of the insured and policy owner are not revealed to outside sources and those who do not work directly on the case. All information obtained for the transaction is to facilitate the transaction. For more information about client confidentiality, it may be best to read the privacy policy as well. Many life settlement companies tend to disclose one’s personal information to affiliates and non-affiliates, so those who are looking for security during the process should ensure that the company is not able to take actions that would disclose personal information to an unrelated party.
Case Studies
Ashar Group has another unique feature on its website – which is a case studies section. The case studies not only provide brokers with insight into the company’s transactions, but it also gives individuals a look at the potential amount that they can receive considering their conditions. Case studies imply that the studies are from those who have actually gone through the life settlement process with the company.
The case studies include examples of valuation, lump sum payments, a term settlement, split death benefit, funding long term care, annuity and structured settlements, and consulting services. Keep in mind that these are just case studies and do not reflect an offer on behalf of the company. Those who are interested in verify the value of their own policy and who want to receive an offer can do so by contacting Ashar Group.
Policy Value Quiz
Ashar Group Life Settlements also offers a policy quiz on its website that can help policy holders gauge the value of their settlement – the value that one’s policy is given is an estimate and does not reflect an offer. During the policy quiz, individuals will be asked 7 questions, which include their age, gender, disclosure of health, whether one is a smoker, and the like. By answering the questions truthfully, individuals can receive a quote that may be a close reflection of one’s policy.
Consumer Resources
Those who are delving into life settlements and who are looking for additional information, Ashar Group Life Settlements as put together another section on its website called “Resources.” Here, individuals can go through a list of recommended companies to receive additional support concerning life settlements. The additional insight may help individuals get the information that they need to make a sound decision. Further, the webpage has links to the resources so that individuals can easily and quickly access them.
Ashar Group Life Settlements Summary
Ultimately, the process of choosing the right life settlement company to work with can be daunting and difficult. While life settlement companies may provide information on their webpages, it is always recommended that individuals do their own diligence and research so that they can secure their interests. Further, it is recommended that one not allow pressure tactics or speediness influence their decision. Choosing a life settlement is serious, which means that individuals should do what is best for them. To learn more about Ashar Group Life Settlements, just visit the company’s webpage today. The company’s phone number is also available on the website so that individuals can contact it with any questions or inquiries that they may have.
