About Abacus Life Services
Abacus Life Services, found online at AbacusLifeServices.com, is a company created to help seniors and the critically ill understand the options available to them regarding their life insurance policies.
How Does It Work?
According to their website, most people purchase a life insurance policy for a specific purpose, like making sure that if something happens to them the remaining members of their family are financially cared for.
But as people age and circumstances change, sometimes the reason why the policy was purchased in the first place is no longer important. Or people can’t afford their premiums. Generally speaking, when these things occurred the only option to customers was to return the policy to the insurance company for whatever value remained or to let the policy lapse and get nothing from it.
Abacus Life Services wants to provide people with a different option: a Life Settlement. This option lets you sell your policy for real cash value that can sometimes be up to three or four times greater than the surrender value your insurance company would give you.
Their website says that selling your policy for a Life Settlement is an option that can be considered by customers who need money for retirement, whose premiums are no longer affordable, who need funds for long term medical care, or who are having difficulty paying existing medical bills.
Unfortunately their website says that most senior citizens don’t even know that Life Settlements exist, which is why more than $110 billion dollars’ worth of life insurance policies are surrendered each year in the US.
This company does not actually list any cost or pricing information on their website at this time, as every customer’s specific circumstances will be different. Instead, they offer their potential customers the opportunity to have a free consultation during which time a company representative will assess your situation and let you know what options you are qualified for, if any at all.
Because this website provides a very specific financial service and potential customers will need to complete the consultation to see if they qualify, they don’t provide a basic or standard Refund Policy. Instead, customers who speak to a representative about a consultation will want to determine at that time what kinds of options are available for customers who decide that this service isn’t right for them after all, and would like to cancel or back out of their commitment.
Customer Service Contact Info
Customers who have questions, concerns, or complaints they would like to direct to their Customer Service team can contact them by phone at 800-680-9791 or by email at Info@AbacusLifeServices.com.
Before considering this kind of a settlement, customers should know exactly what this financial arrangement is. When Abacus Life Services purchases your life insurance plan, they are purchasing the right to benefit from your policy when you die, which is why they are able to offer a much higher payout than your insurance company will.
This financial arrangement may seem like a beneficial option to many seniors who are having issues with their bills or retirement finances, but it is important to speak to a financial provider or tax preparer who can explain to you how this buyout will affect all parts of your finances – oftentimes companies promise that these buyouts are not taxed as income, but rather as an investment which is a much lower taxable rate. As it turns out, however, this generally is not the case and most people find that when it comes time to pay taxes they haven’t saved enough to cover their debt.
This company seems to be a standard provider of Life Settlement policies, but customers will still want to take the time and effort to really determine if this is the best move for their needs.
Competitors and Alternatives?
There are many different financial options for people in retirement, like reverse mortgages, but customers will want to review all the options that are available to them to assess what will best meet their personal needs and the needs of their loved ones.
If you have any experience with this company or their products, please leave your Abacus Life Services reviews below.