Every year, American life insurance policyholders lose over $100 billion by lapsing life insurance that is not needed or affordable. There is no other household financial waste like life insurance lapsing and surrendering. All of this value is simply captured by insurance companies as profit. As an alternative to lapsing or surrendering the policy, Ovid gives consumers to power to recapture some or all of the value of their premiums. Ovid helps consumers unlock the cash value of their life insurance policies through our life settlements exchange. A life settlement is the traditional term for selling a life insurance policy. We believe Ovid is going to change American life insurance forever and return money to the consumer. Here is why Ovid exists:
1. Life settlements can change household finances
Life settlements are intrinsically good for many people though the average consumer has yet to learn about this financial product and how it can improve their life. Roughly 5% of all US life insurance lapses every single year – all of this value goes directly from the pockets of the consumer to the profit of the insurance corporations. Consumers should not lose the decades of premiums they have paid – they should be able to unlock a fair cash value if they want to get out of their life insurance contract. Without the option of a life settlement, purchasing life insurance would be like to purchasing a house that could never be resold.
2. There should be a better life settlement experience for the consumer
Today’s life settlement experience is inefficient and opaque – designed to enrich middle men (including financial advisors, insurance agents and life settlement brokers). Ovid has built an experience so simple that a senior can go to www.ovidlife.com and complete the transaction themselves. Additionally, it is 100% free to get a policy cash offer from Ovid. If the consumer accepts the offer, Ovid’s commission is less than half of the average industry commission. Even more important, Ovid’s marketplace gives consumers the power of a fair-market. All of the largest institutional purchasers of life insurance bid on Ovid’s auction platform for policies and Ovid has strict criteria for which institutions are allowed to purchase policies on Ovid.
If you are considering lapsing or surrendering your life insurance policy, check out www.ovidlife.com and see if you can sell your policy instead.