Archive for November, 2009

New Life Settlements Law Enacted in Rhode Island

Source: http://www.lifeandhealthinsurancenews.com/News/2009/11/Pages/Rhode-Island-Enacts-Settlements-Law.aspx

US Department of Labor’s OSHA provides workplace H1N1 influenza Information

US Department of Labor’s OSHA provides workplace H1N1 influenza precaution and protection information for workers and employers New Web site offers fact sheets with practical information.

WASHINGTON – The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has issued commonsense fact sheets that employers and workers can use to promote safety during the current H1N1 influenza outbreak.

The fact sheets inform employers and workers about ways to reduce the risk of exposure to the 2009 H1N1 virus at work. Separate fact sheets for health care workers, who carry out tasks and activities that require close contact with 2009 H1N1 patients, contain additional precautions.

“Protecting our nation’s workers is OSHA’s top priority,” said Jordan Barab, the agency’s acting assistant secretary. “These fact sheets are tools we have developed to help ensure America’s workers stay healthy and our businesses remain viable. OSHA’s new fact sheets will help all employers identify appropriate actions to protect their workers.”

OSHA’s “Workplace Safety and H1N1″ Web site provides easy to understand information appropriate for all workplaces and more extensive guidance for those involved in higher risk health care activities. The fact sheets are advisory in nature and informational in content.

As new information about the 2009 H1N1 virus becomes available, these workplace fact sheets will be updated. Employers and workers should review OSHA’s http://www.osha.gov/h1n1/ site often to ensure they have the most up-to-date information when making decisions about their operations and planning.

SOURCE: OSHA PRESS RELEASE

Life Settlement Political Action Committee Opens 2009 Campaign Drive in NYC

ORLANDO, FL — 11/04/09 — On November 8-10 in New York City, the Life Insurance Settlement Association’s (LISA) non-partisan federal political action committee, LISAPAC, will launch its 2010 campaign drive to preserve and protect the life settlement industry. As 2009 winds down, LISAPAC is aggressively gearing up for a new political year with tremendous possibilities as well as potential threats. In a matter of days, at the LISA 15th Annual Fall Life Settlement Conference, the PAC will remind life settlement professionals about its critical mission.

“On a federal level, 2009 will prove to be decisive year in the future of life settlements,” remarked Mark Goode, LISAPAC Chairman. “In the midst of substantial and unprecedented federal interest in this market and the emergence of Wall Street participation in life settlements, the work of the PAC has never been more urgent and its important service to our market is clear.” LISAPAC’s presence at the LISA 15th Annual Life Settlement Fall Conference comes in the wake of multiple significant developments coming out of Washington, D.C. In September, Congressman Paul E. Kanjorski (D – PA), Chairman of the U.S. House Sub-Committee on Capital Markets, Insurance, and Government Sponsored Enterprises, convened a hearing on life settlement securitization. In August, U.S. Securities and Exchange Commission (SEC) Chairman Mary L. Schapiro launched a special internal taskforce to review the subject of securitization in the settlement industry. The U.S. Governmental Accountability Office (U.S. GAO) is seeking a better understanding of life settlements as they develop a forthcoming report on the secondary market. Most recently, the North American Securities Administrators Association (NASAA) announced the formation of a task force to consider the issue of life settlement investment. (to read the the rest of the article, please follow the link) Read the rest of this entry

Why Choose a Life Settlement?

Study after study portrays several misconceptions people have about their retirement years. Many believe that a nest egg can be built within a relatively short period of time, they underestimate the amount of money needed to sustain their pre-retirement lifestyle after they retire, and they imagine retiring at age 55 or 60 when the reality is that many people are working full or part-time into their 70s and beyond. If you are nearing retirement or are already there, it is time to take a hard look at your life insurance policy, which can be converted into cash to enhance an inevitable change in both living expenses and lifestyles.

Your current insurance policy may not be as suitable to your current situation as it was when you first bought it. The introduction of new and improved financial products now allows you to reevaluate your financial plan. A life settlement is one of the options many seniors are utilizing for their financial benefit to achieve a higher quality of life in the years to come.

You should choose a life settlement if you are a qualified senior who has a life insurance policy that is no longer wanted, needed, or affordable. Many policies lapse or are surrendered for minimal cash values, but with a life settlement, policy owners receive substantially more in exchange for their life insurance policies.

A life insurance policy owner has several reasons for considering the sale of a life insurance policy. While the primary benefit of selling a policy in the life settlement market is to receive a cash payout greater than the cash surrender value of the policy, there are many secondary and underlying motives, including, but not limited to, the following:

  • A policy is no longer needed or wanted (e.g., spouse dies, divorce, children are grown up and financially responsible, etc.)
  • Changes in estate, tax or financial plans or changes in law, etc.
  • Premium payments have become unaffordable as policy owners grow older
  • Investments in the insurance are no longer appropriate
  • Disposal of unneeded “key-man” insurance or other business-owned insurance
  • Fund the purchase of new financial product/estate planning tool (annuities, life insurance or investments)
  • Charitable giving
  • Trust evaluation
  • Decline in health has increased medical expenses
  • Fear of leaving family burdened with debt
  • Alternative funding is needed for more suitable financial products
  • Changes in insurance and investment needs and/or goals
  • Policy performance does not meet expectations
  • Family/beneficiary status changes
  • Recovering assets from business-related insurance plan
  • Estate-planning needs of the insured have changed significantly
  • Satisfy the need for cash in a forced liquidation due to bankruptcy or financial difficulties
  • Liquidate policies donated to not-for-profits
  • Change in a company’s management
  • 1035 exchange for new life insurance policy
  • When loans need to be paid off
  • When you want access to the value of your life insurance
  • Investments in the insurance is no longer appropriate

Q Capital Strategies, For policy submissions: policy@qcapital.com