A big part of financial freedom is having your heart & mind free from worry about the what-ifs
A big part of financial freedom is having your heart & mind free from worry about the what-ifs of life.
INFORMATION FROM THE CANCER CONTROL SOCIETY CONVENTION OF 2017- LIFE SETTLEMENTS
Hello Tuesday,
We can be our own biggest enemies when it comes to our finance. Negative self-talk and limiting beliefs about abilities are very real things. We have to face not only our fears, but the harder to see things like our insecurities, our misplaced beliefs, and our own shortsightedness to really begin to thrive.
“The price of anything is the amount of life you exchange for it.” – Henry David Thoreau
October Is Breast Cancer
The best way to stop this disease is awareness and the first step to stop it is prevention. Our environment plays a big part when it comes to illness, so we need to look at it and educate our minds for change.
For example, five years ago, I bought Heckle my turtle from this pet store in Chapala, Mexico.
The attendant told me that Heckle will only last up to five months and gave me this little bowl for his living quarters. Certainly, these turtles last longer; so, I did some research and they will live up to seventy-five years. It’s the environment ~ where they live and how they live that makes a big difference. In small area’s they do not get enough exercise and it creates stress which causes short term life. It’s all about quality of life! I am going to prove that my turtle will last much longer with the bigger tank and love. I put a little dish in the tank with lettuce, this was intended for him to eat; however, every night when Dan and I turn off his overhead light for the tank he crawls inside and pulls the lettuce over him. This is much like we do when we sleep except its not lettuce ha ha..
Our life is much like Heckle’s, our environment such as the foods we eat, the water we drink, products we use, the area we live in ~ chemicals in the air, lack of exercise and issues that causes stress.
We cannot change the outside surroundings of our homes and lives, but we can change what we do within them.
So, knowledge is power and the first prevention is to educate ourselves in that direction. Not all the time donating money help the cause. Why do we need that to create a change and promote prevention? Its free to read and search the internet.
While wandering around at the convention, I ran across another vendor, which we could have used back in 2011. Dan and I had no idea about life settlements until the day of the cancer convention.
Our finance situation was selling back our car to the bank, taking money out of our retirement account, filing bankruptcy and to give the bank back our condo. We are still paying for it in a way through high interest rates on our credit card. We even moved to Mexico to lower our expenses for we also had student loans that we co-signed for our daughter’s college education.
Unfortunately, both Dan and I had good jobs and were making the money for the student loans, until that day I was told “you have cancer”, then everything fell apart.
Here is an article I blogged on Sunday, June 30, 2013, Florida Girl Changing for a Better Lifestyle.
It’s been going on three days since my arrival to Mexico. I have unpacked and am getting settled in.
Looking at the awesome view and the mountains that surround me, I could have not have chosen a better place to continue to heal myself. There is this area which I have in mind for an organic garden; it’s a perfect place to start one. The owner of the property is excited as much as I am to grow greens and other vegetables.
It is funny how life takes its turns for I have lived in Florida for fifty-five years and now because of my illness I had to move to Mexico for financial reasons.
Who thought I would ever move especially to another country? I know that Dan and I are able to continue my home program and any treatments needed to keep my cancer managed.
We had insurance in the states, but were restricted on what they would pay… It is terrible that you have to pay big premiums and still have to pay out of pocket and then it would not pay for treatment that is done outside of the states… We need to look more into this issue, and stand together to fight for the health rights of what treatments we feel are better for ourselves.
In the near future my goal is to start this format to change the way the healthcare system sees functional medicine. For it was this type of treatment that managed my cancer and not the conventional cut, burn, or poison method that is only allowed in the U.S.
I have been in the middle of a book regarding my journey through cancer and how I have been handling it and living through it. It has been a long road, but I have been blessed to be able to share a different approach to treating cancer without effecting one’s body.
CLICK ON BOOK FOR MORE INFORMATION
The book is in the editing stage and hoping it to be out at the end of this year. The main topic is to relate that you have choices and hope; that other ways of care do work and it is not a miracle and it is based on truth and brings that hope that your choice can work if applied and followed.
Continuing blogging on INFORMATION FROM THE CANCER CONTROL SOCIETY CONVENTION OF 2017. Today yes, the topic is, LIFE SETTLEMENT. A life settlement refers to the sale of an existing insurance policy to a third party for a one-time cash payment. Payment is more than the surrender value, but less than the actual death benefit. After the sale, the purchaser becomes the policy's beneficiary and assumes payment of its premiums. By doing so, he or she receives the death benefit when the insured dies.
Some of the reasons why people choose life settlements include retirement, unaffordable premiums, and emergencies.
Life settlements effectively create a secondary market for life insurance policies. This secondary market has been years in the making. There have been a number of judicial rulings that have legitimized the market—one of the most notable being the 1911 U.S. Supreme Court case of Grigsby v. Russell.
John Burchard wasn't able to keep up the premium payments on his life insurance policy and sold it to his doctor, A. H. Grigsby. When Burchard died, Grigsby tried to collect the death benefit.
The executor of Burchard's estate sued Grigsby to get the money and won. But the case ended up in the Supreme Court. In his ruling, Supreme Court Justice Oliver Wendell Holmes likened life insurance to regular property. He believed the policy could be transferred by the owner at will, and had the same legal standing as other types of property like stocks and bonds. In addition, he said there are rights that come with life insurance as a piece of property; the owner can change the beneficiary unless the insurer has restrictions in place, the policy may be used as collateral for a loan, owners can borrow against the insurance policy, policies can be sold to another person or entity.
Policy sales became popular during the 1980s, when people living with AIDS had life insurance they didn't need. This led to another part of the industry—the viatical settlement industry, where people who have terminal illnesses sell their policies for cash. This part of the industry lost its luster after people with AIDS began living longer.
When someone becomes terminally ill and has a very short life span, they may sell their life insurance to someone else. In exchange for a large lump sum of money, the buyer takes on the premium payments, becoming the policy's new owner. After the insured party dies, the new owner receives the death benefit.
Viatical settlements are generally riskier because the investor basically speculates on the death of the insured. Even though the original policy owner may be ill, there's no way of knowing when he or she will actually die. If the insured person lives longer, the policy becomes cheaper, but the actual return becomes lower after factoring in premium payments over time.
Typically, people purchase life insurance to help secure a future for themselves or their children financially. However, what happens when you no longer need the coverage or can’t afford the premiums?
Historically, the only option available was to surrender it back to the insurance company for whatever cash value remained in the policy, or lapse it and receive nothing. Life Settlements created another option for these policy owners, the ability to sell their policy for a value greater than surrender value and to monetize what is otherwise a liquid asset.
There are a variety of reasons why someone would consider selling life insurance, but some of the most common scenarios include; cash is needed for retirement, premiums are no longer affordable, funds are needed for long-term care, financial assistance is needed to pay for medical bills and a family business is sold or the owner retires and key person insurance is no longer needed.
Here are some types of life settlements:
· TRADITIONAL LIFE SETTLEMENT, in a traditional life settlement the licensed life settlement provider will pay the policy owner a cash settlement amount above the surrender value. The premiums will be paid by the buyer for the reminder of the insured’s life. In this type of life settlement, the seller receives a cash sum on the policy at the time of settlement.
· RETAINED DEATH BENEFIT, with this option the seller keeps a portion of the policy and is named as an irrevocable beneficiary on the policy and will receive a guaranteed percentage of the death benefit when the policy pays out. The amount is usually much more than traditional Life Settlements. The original owner will no longer be required to pay the premiums, but will receive a portion of the death benefit.
· HYBRID LIFE SETTLEMENT, in this option the sellers of the policy can receive a combination of a traditional life settlement and a retained death benefit. This can provide some much-needed cash now without giving up the entirely of the policy. Most people often take advantage of this option to supplement their retirement now, while still protecting their family should the worst suddenly happen.
As I look back, financially. I do not think Dan and I would have done it another way for our lives are wealth to us.
An investment in knowledge pays the best interest. --Benjamin Franklin
20 Minute Mindfulness Meditation for Being Present / Mindful Movement
This is a guided meditation to help you develop your skill of being mindful and present. It will reduce your stress level, as well as improve your overall health and wellbeing when practiced regularly.
Until tomorrow, Thomas Edison said it well; opportunity is missed by most people because it is dressed in overalls and looks like work. Enjoy the day-[DM1]
