Is Ovid Life Insurance legit? Read This Before You Decide
Life settlements are transactions where policyholders sell their life insurance policies to third-party investors for cash.
They can be a way to get rid of unwanted or unaffordable policies and get some financial relief.
But have you ever wondered how you can find a trustworthy company to sell your policy to?
One of the options you might come across is Ovid Life Insurance, an online platform that connects policyholders with life settlement providers.
But is Ovid Life Insurance legit?
In this article, we will take a closer look at Ovid’s services, customer reviews, and legitimacy and compare it to some alternatives.
Ovid Life Insurance Contact information
- Phone Number: (800) 888-4660
- Address: 301 Rhode Island Street, Unit B10, San Francisco, CA 94104, United States
- Email Address: email@example.com
A Closer Look at Ovid Life Insurance
Ovid Life Insurance is a company that was founded in 2016 and is based in San Francisco, California.
It is not a life settlement provider or broker itself, but rather a referral service that matches policyholders with licensed providers and brokers.
Ovid claims to offer convenience, expertise, and potentially higher payouts for policyholders who want to sell their policies.
Ovid’s services are available in 46 states, and the company is accredited by the Better Business Bureau with an A+ rating.
It has also received positive media coverage from outlets such as Forbes, The Wall Street Journal, and TechCrunch.
To sell your policy through Ovid, you need to meet some eligibility criteria.
- You must be at least 65 years old, have a life expectancy of less than 20 years, and have a policy with a face value of at least $100,000.
- You also need to provide some information about yourself, your policy, and your health history.
Ovid will then use its proprietary algorithm to estimate the value of your policy and match you with one or more licensed providers or brokers.
Ovid does not charge any fees or commissions to policyholders who use its service.
However, you may have to pay fees or commissions to the provider or broker who buys your policy.
Ovid claims to reduce transaction costs and speed up the process by referring you directly to the best offer.
Pros and Cons of Using Ovid Life Insurance
Ovid Life Insurance has some advantages and disadvantages for policyholders who want to sell their policies.
Here are some of the pros and cons to consider:
- Convenience: Ovid makes it easy to submit your information online and get an instant estimate of your policy value. You don’t have to contact multiple providers or brokers yourself or deal with the hassle of negotiating and comparing offers.
- Expertise: Ovid has a team of experts who can help you understand the life settlement process and answer any questions you may have. Ovid also works with reputable and licensed providers and brokers who have experience and knowledge in the industry.
- Potentially higher payouts: Ovid claims to help you get the highest possible payout for your policy by using its algorithm and network of providers and brokers. Ovid also does not charge any fees or commissions to policyholders, which can increase your net payout.
- Costs: Although Ovid does not charge any fees or commissions to policyholders, you may still have to pay fees or commissions to the provider or broker who buys your policy. These fees can reduce your net payout and may not be transparent or disclosed upfront. You may also have to pay taxes on your life settlement proceeds, depending on your situation.
- Complexity: Selling your policy through Ovid can be a complex and lengthy process that involves multiple parties, documents, and steps. You may have to provide extensive information about your policy and health history, undergo medical underwriting, sign legal contracts, and transfer ownership of your policy.
- Availability: Ovid’s services are not available in all states or for all types of policies. You also need to meet certain age, health, and policy criteria to qualify for a life settlement through Ovid. You may not be able to sell your policy if you are too young, too healthy, or have a policy with a low face value, a high cash value, or a short term.
Customer Reviews and Consumer Analysis
Ovid Life Insurance has received mostly positive customer reviews on various platforms.
On Trustpilot, Ovid has a 4.8 out of 5 rating based on 18 reviews, with 94% of reviewers giving it 5 stars.
Customers praised Ovid for its professionalism, responsiveness, helpfulness, and efficiency.
They also appreciated the ease of use, the speed of the process, and the high payouts they received.
On the Better Business Bureau, Ovid has a 4.67 out of 5 rating based on 3 reviews, with 2 positive reviews and 1 negative review.
The positive reviews echoed the sentiments of the Trustpilot reviewers, while the negative reviews complained about the lack of communication and follow-up from Ovid.
Ovid responded to the negative review and apologized for the inconvenience and frustration caused.
Overall, Ovid seems to have a good reputation and customer satisfaction among policyholders who use its service.
However, it is important to note that the number of reviews is relatively small and may not reflect the experiences of all customers.
It is also possible that some reviews may be biased or influenced by Ovid’s incentives or marketing.
Legitimacy and Transparency
Ovid Life Insurance appears to be a legitimate and transparent company that complies with industry regulations and legal requirements.
It is licensed as a life settlement broker in 46 states and follows the state laws and rules that govern life settlements.
It also provides clear and accurate information about its services, the life settlement process, and the potential risks and benefits of selling a policy.
Ovid does not seem to have any major red flags or concerns raised by customers or regulators.
However, it is important to be aware of some of the limitations and drawbacks of using Ovid’s service, such as the costs, complexity, availability, and eligibility factors.
It is also advisable to consult a financial or legal advisor before selling your policy to understand the implications and consequences of your decision.
Alternatives to Ovid Life Insurance
Here are some of the alternatives to Ovid that you may want to consider:
- Coventry: Coventry is the largest and oldest life settlement provider in the industry, with a 40% market share in 2020. Coventry pioneered the life settlement market in 1998 and has a strong reputation and track record. Coventry buys policies directly from policyholders and offers a retained death benefit option, where you can keep part of your policy’s payout after selling it.
- Abacus Life Settlements: Abacus Life Settlements is another life settlement provider that buys policies directly from policyholders. Abacus claims to offer fast and competitive payouts for policies, with an average time of 30 days from submission to closing. Abacus requires you to be at least 70 years old and have a policy with a face value of at least $50,000.
- Magna Life Settlements: Magna Life Settlements is a life settlement provider that is owned by Vida Capital, a leading asset management firm in the longevity risk space. Magna has been in the industry since 2004 and has a high rating from the Better Business Bureau. Magna requires you to be at least 65 years old and have a policy with a face value of at least $100,000.
- Q Capital Strategies: Q Capital Strategies is a life settlement provider that is backed by Fortress Investment Group, a global investment management firm. Q Capital has been in the industry since 2001 and has a high rating from the Better Business Bureau. Q Capital offers an innovative and flexible approach to life settlements, with a variety of options and solutions for policyholders.
Ovid Life Insurance is a legitimate and transparent company that offers a convenient and potentially lucrative service for policyholders who want to sell their policies.
The company connects policyholders with licensed and reputable providers and brokers who can offer them the best possible payouts for their policies.
Ovid also provides expert guidance and support throughout the life settlement process.
However, Ovid is not the only option for policyholders who want to sell their policies.
There are other life settlement providers and brokers that offer similar or different services, with their pros and cons.
Policyholders should research and compare their options carefully before making a decision.
This is because selling a policy can have significant financial and legal implications.
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I am Evans, an insurance expert with a deep-rooted passion for helping people understand the world of insurance. With about 2 years of experience, I’ve dedicated my career to simplifying complex insurance concepts and providing tailored solutions. I have the knowledge and expertise to guide individuals and businesses in making informed insurance decisions, thanks to my educational background in finance and risk management and my Bachelor’s degree in Insurance and Risk Management from Columbia University. I believe that insurance is not just about policies; it’s about safeguarding dreams and ensuring financial security. I’m committed to sharing my insights and knowledge to empower others to protect what matters most.