Advanced Settlements Inc. says it has expanded the scope of its life settlement services.
Advanced Settlements, Orlando, Fla., now can sell convertible term life policies for some policyholders who are in their 50s.
Eligible policyholders must be over the age of 56 and have an average life expectancy of 20 years or less, Advanced Settlements says.
The policies must be term life policies with universal life conversion privileges that have been in force for at least 2 years and have death benefits ranging from $250,000 to $5 million.
The policies must have been issued as preferred or standard policies.
Advanced Settlements notes that the announcement is intended only for insurance and financial professionals and not for use by the general public.
A separate broker-dealer unit handles transactions involving variable life settlements, the company says.
Policyholders who are thinking about selling in-force policies should first consider the fees, the effects on taxes, and the possible effects on eligibility for government benefits, the company says.