Getting older can be tough, especially if one is unprepared for the expenses that come with retirement. Those who retire may find themselves inundated with medical costs, living expenses, and other necessities that require a great deal of funds to keep them going for the coming years. If one has exhausted their options, they may want to consider another options if they have an existing life insurance policy. The solution is called a life settlement and it entails selling one’s life insurance policy for more than the surrender value, but less than the death benefit.
With so many life settlement companies on the market though, it can be difficult to find one that is a reputable and quality option. That being said, this review would like to introduce BecoLife Life Settlements. This company enables individuals to potentially receive a good deal for their insurance policy.
What Is Beco Life Life Settlements?
BecoLife Life Settlement is a life settlement company that purchases insurance policies directly from the life insurance policy holder. Dissimilar from some companies on the market, this one does not act as a broker or a third-party, but is a direct part of the transaction. The company describes life settlements, its process, but very little about itself. Most life settlement companies express how long they’ve been in the life settlement industry, a bit about their professionals, and other pertinent factors. While BecoLife Settlements is not very descriptive regarding its background, perhaps it does have other redeeming qualities that may indicate that it is the right option for men and women who are looking for a life settlement.
Beco Life Life Settlements Licensing
One of the most important qualities to determine about a company is its licensing. Many states regulate life settlements and viatical settlements so as to protect those who are selling their policies. Unfortunately, unlike some life settlement companies, BecoLife does not make the need for licensing very clear for individuals who visit its website. To learn about licensing, it seems that individuals need to know that licensing is necessary and to actually delve into the website to learn about what the company has to say.
In this case, BecoLife features its licensing statement in the Terms and Conditions and it does not provide many details either. The company states that it is not licensed in all states – although, it does not refer to which states it is not licensed in.
Additionally, the company mentions that the website site “is not currently approved by the State Insurance Commissioner of Oklahoma or Texas.” And “this web site does not apply to variable settlements.” Oddly enough is that there is no such thing as a “variable life settlement.” – although, there is variable life insurance. Therefore, there are two possibilities. Either the company means that it does not work with individuals who have a variable life insurance policy. Or, most likely, the company means that the website does not apply to viatical life settlements – and if so, then this is disconcerting because the company advertises viatical life settlements on its main page. The best thing to do is to contact the company and to discuss the issue with it if one is interested in going forward with a life settlement policy.
Potential Tax Issues
A life settlement may have tax implications, as BecoLife points out. Although, the company does not go into detail concerning the tax implication. The company simply recommends that individuals consult with a professional tax advisor. Those who consult with an individual tax advisor may be in a better position concerning the tax implications of a life settlement. Keep in mind that there are not always tax implications and they may vary from state to state as well. Further, prior to going through with the transaction, it is helpful to consider the impact of the sale upon one’s estate and the like.
Why Choose Beco Life Life Settlements
There are many life settlement companies to choose from, which means that it is best to be careful in terms of the company that one chooses. In this case, BecoLife identifies a number of elements that make it a quality life settlement company to choose from. Here are the main features of BecoLife that may make it the right option for many:
A Trusted Solution For 1000 Of Individuals
First, BecoLife mentions that it is a trusted solution for 1000s of individuals. However, it does not highlight any information to support this and it does not mention how many individuals it services or per. Those who are interested in this company may want to ask for supporting statements to ensure that they are making the right solution for their needs.
Fully-Regulated And Safe
Second, the company states that it is fully-regulated and safe. However, as discussed previously, it does not provide much insight on its website concerning the states that it is regulated in and its position on viatical settlements. Again, this mean that individuals may be better off if they discuss its licensing and compliance with the licensing requirements if it decides to contact the company.
Maximizes A Cash Payout
Finally, BecoLife declares that it is able to maximize one’s cash payment. While this may very well be true, it is best that individuals reach out to various life settlement companies so that they can receive multiple offers and then compare which one is best for them. A life settlement can have serious financial implications in the present and the future, therefore, it is best to rely upon oneself to get as many offers as possible and to choose one that works best for them.
Clearly, there are a number of positive qualities concerning BecoLife, but again, doing one’s own due diligence is the best step that a person can take for both the present and the future.
The Benefits Of A Life Settlement With Beco Life
According to BecoLife, there are a number of benefits to be had concerning opting for a life settlement through it. Here are the main advantages of a life settlement so that individuals know what to expect:
Money Back From Past Premiums
A life insurance policy lapses when individuals miss a premium payment. It is best to continue making premium payments if one wants to keep their policy. Those who have trouble making premium payments could take out a loan or consult with friends and family about helping with the payments.
Give Gifts To Family
BecoLife mentions that with a life settlement, individuals may be able to give gifts to family. However, if this is one of the only reasons for a life settlement, then it is a poor one. A life insurance policy can provide family members with more support after a loved one’s passing, while gifts in the present may do much less.
Fund Assistance
More pertinent is the potential for fund assistance with a life settlement if one needs such assistance. Those who are struggling to fund their retirement and who have no other options may want to consider a life settlement. A life settlement can help with living assistance, home health care, and assisted living if one needs these options for a comfortable quality of life.
No More Monthly Premiums
Lastly, those who choose a life settlement may be able to avoid paying premium payments. As previously mentioned, those who can continue making premium payments. However, those who are having issues may want to consider a life settlement. The company that takes over the policy may continue making the premium payments so that individuals do not need to worry about them.
These qualities may provide individuals with some relief when they choose a life settlement. The life settlement process is intense and the competition is fierce. Therefore, many companies may implement certain tactics to generate business. However, to protect one’s interests, it is best to conduct one’s own research and to ensure that the life settlement is specifically right for them.
Eligibility Requirements For A Life Settlement with Beco Life
To qualify for a life settlement, individuals need to meet the company’s eligibility requirements. Different life settlement companies have their own eligibility requirements and understanding what they are can ensure that individuals are on the right track. In this case, BecoLife indicates that these are a number of eligibility requirements for its life settlement, which are as follows:
- The terms of the existing life insurance policy
- The payout benefit
- The length of time the policy has been active
- The age and health of the policy holder
- The number of investors in the market
These are just a few of the many factors that the company may consider in determining one’s eligibility. Further, the company does not go into detail like other companies do. For example, most companies explain that age 65 is the minimum age of the policy holder that it will consider and that the policy must be valued at $100,000 or more. It looks like when it comes to BecoLife, individuals need to actually contact the company for more information concerning eligibility.
Further, it is important to keep in mind that the policies that receive the highest life settlement are those where the individual has a short life expectancy and the policy has a high value because the life settlement company wants to reap the death benefit sooner rather than later due to the premium payments.
Confidentiality Concerning Personal Information
Most people tend to overlook this issue – but those who go through a life settlement transaction often need to provide a great deal of personal information. As a result, it is imperative to consider the privacy standards the company has in place to protect one’s personal information.
When it comes to BecoLife, the company mentions that “privacy and data security are of the utmost importance.” The information that one provides is safe and the details of the insurance policy are kept anonymous. Further, investors that are interested in the policy only receive personal information with the consent of the individual policy holder. More information concerning the company’s confidentiality may be available in the privacy policy. Therefore, those who are interested in more insight should go through the privacy policy and they may want to inquire with the company concerning its policies.
The Time Frame Of The Process
The process for acquiring a life settlement varies about the time frame of the policy. According to BecoLife, the process may take anywhere from 6 weeks to 3 months. It is important to understand that a life settlement is a significant decision and as such, individuals may not want to rush through the process. Instead, those who take the time to conduct research, to learn about their options, to verify companies, their licensing, and practices, and the implications of a life settlement may be able to receive the best outcome from their efforts.
The BecoLife Instant Estimate Tool
While the process for acquiring a life settlement may take a number of months, however, receiving a quote can take two minutes. Take note that the quote is not an offer, but simply an instant estimate about the amount that one may be able to receive if they go through the life settlement process. To receive the instant estimate, individuals should visit the brand’s website and go to the Instant Estimate link. There, individuals should provide information such as their name, email address, phone number, health status, and the benefits payout. Afterwards, individuals will receive the estimate so that they can see how much they may receive.
Customer Service
As previously mentioned, a life settlement is a serious option and therefore, individuals may have a number of questions. The good news is that to facilitate the inquiry process and to provide guidance, BecoLife has a chat tool on its website. The chat tool enables interested individuals to discuss general information concerning a life settlement with a trained and intelligent agent. However, discussing a life settlement with an agent does not obligate one to go through the life settlement process – individuals can reap the most out of the process by simply getting the general insight they need and doing what is right for them.
Viatical Settlements
BecoLife also offers viatical settlements. According to BecoLife, a viatical settlement is distinct from a life settlement. While life settlements are for those who have a traditional life expectancy, a viatical settlement is for those who are terminally ill and who have an insurance policy in place. Viatical settlements can be a precarious solution if individuals are not completely certain that it is the right option for them. Chances are, family members will be able to handle funeral costs and medical bills by simply waiting for the death benefit to take place, rather than opting for a viatical settlement. Therefore, those who are interested in a viatical settlement should only undertake the option if there are no other solutions out there.
Beco Life Life Settlements Summary
Ultimately, those who are interested in a life settlement may want to consider BecoLife as a potential option. Of course, before actually agreeing to a life settlement, it is best to do one’s own due diligence and to contact multiple companies to ensure that one is getting the best deal. Further, one should also take note of other considerations such as tax implications, privacy policies, and licensing into consideration before going through with the process. Those who do so are in a much better position and may be able to adequately protect themselves when they receive their life settlement.
