Ovid Life is an online platform that was created to connect policyholders with likely investors for the completion of life settlement transactions.
Simply explained, a life settlement is the sale of a policyholder's life insurance policy to a third-party investor.In 2017, Ovid Life announced the launch of its platform, which introduces policy owners interested in a life settlement to licensed life settlement providers or buyers. The company does not negotiate on behalf of either party and is not involved in the transaction. The company also does not act as a life settlement broker.
Ovid Life’sgoal is to make the completion of the life settlement process more affordable, faster, and more accessible. Ovid Life recognizes that many life settlements are delayed by middlemen or layered with additional fees. The company decreases the costs associated with each transaction by introducing lower fees and speeding up the process by directly connecting each policyholder with a licensed buyer who is interested in the policy.
Cost Are there any fees involved? | Unclear; check with an agent to be sure |
Ease Is it easy to get started? | Yes, for web-savvy seniors |
Customer support Ease of access | Agents are available 7 AM-8 PM PST Mon-Sun |
Age qualification What ages qualify for services? | If the client is healthy, a minimum age of 65 is required |
Estimates Does the company offer estimates? | Yes, the Yes, the company provides an online calculator |
Established Is the company well established? | This is a young company, founded in 2017 |
Online tools Are there online tools available? | This life settlement calculator is available online |
Direct buyer Is the company a direct buyer of life settlement policies? | No, but it connects clients with licensed life settlement buyers |
Accreditation Is the company accredited? | The company does not have an accredited profile with the BBB |
Cancellation What if I change my mind? | All sales are final once paperwork is signed |
You may pursue a life settlement for a variety of reasons, such as funding a better retirement, upgrading your living arrangement, paying debts or buying a home. Choosing to take the first step towards a life settlement can be quite intimidating, as it is a very important decision. Fortunately, Ovid Life has created a reliable online guide to direct you throughout the process. The guide covers all aspects of life settlements, in hopes of answering any questions you may have. The guide was created to be as comprehensive and user-friendly as possible. The company’s goal is to help you feel informed and confident in your decision.
Receiving an immediate cash payout in exchange for the sale of a life insurance policy is known as a viatical settlement. Usually, the insured will receive a value that is more than the cash surrender value, however, the amount will be less than the value of the death benefit. Unfortunately, to qualify for a viatical settlement, the insured must be ill, with a 24-month life expectancy or lower. Many seniors choose viatical settlements as an option to maintain their living expenses or to fund medical treatments.
Seniors interested in the viatical settlement option should definitely consider Ovid Life. The company has gained a reputation of continually helping seniors across the U.S.receive the fair market value for their life insurance policies in their times of need.
Pros:
Cons:
Bottom Line:
Nearly 90% of permanent life insurance policies lapse each year. When a policy lapses, all of the paid premiums are received as profit by the insurance companies. Ovid Life believes that seniors should have an option toreceive a fair cash value for life insurance policies they no longer need. Ovid Life reduces all costs associated with life settlement transactions by offering lower fees and speeding up the process. This is achieved by connecting consumers and licensed buyers directly.
The company’s website also provides a thorough source of life settlement information for consumers who are eager to learn throughout the process. Ovid Life has worked diligently to reinvent the life settlements process, making it accessible to all consumers who qualify. Ovid Life is in the business of helping seniors gain access to funds in order to enhance their quality of life.
Frequently Asked Questions:
What is the face value range that the company can purchase?
Ovid Life does not purchase policies, however, the minimum policy size is usually $100,000 in face value. Additionally, there is no maximum face value amount that would limit a sale. Ovid Life boasts having helped policyholders with policies of $5 million in face value find buyers.
What type of life insurance policies does the company purchase?
To qualify for Ovid Life’s services, the policyholder must have a Whole Life, Universal Life or Convertible Term Life policy.
What decision timeframe does the company provide?
The overall process, from the beginning to end, can take up to eight weeks to complete. The timeframe can vary, since most of the process is dependent upon receiving paperwork, and how quickly the insurance company can transfer the ownership and beneficiary of the policy.
More Information:
Overview: Ovid Life is a platform that introduces clients who are interested in selling their life insurance policies to potential buyers.
Package Details: N/A
Optional Accessories or Add-on Services, if any: N/A
Contract Details: N/A
Warranty: N/A
Accreditations: Ovid Life does not have an accredited business profile with the Better Business Bureau.
Company Details: Established in 2017 and based in San Francisco, Ovid Life was created to simplify the life settlement process. This allows seniors to have access to the equity in their life insurance policies.
Ovid Life
301 Rhode Island St, Unit B10
San Fransisco, CA 94104
Tel:800-311-6843
Website: www.ovidlife.com
Email:friend@ovidlife.com
Extremely Poor and Incompetent
5 min read
Sept. 20, 2019
Just wasting time.