What you should know about life settlements: Your life insurance policy belongs to you. It’s your property, bought and paid for over the years. And, just like any property, it can be sold. A life settlement is the process of selling your life insurance policy for its market value. The money you receive from the sale can be used for retirement, healthcare expenses, future long-term care costs, or however you see fit. Yet too few policyowners are aware of the valuable financial benefits life settlements can provide
Why a life settlement makes sense.
More people are discovering life settlements-selling a life insurance policy for its market value instead of lapsing or surrendering it for little or nothing. Life settlements are highly regulated and considered among the most safe and secure financial transactions in the US today. In fact, the National Association of Insurance Commissioners (NAIC) recommends life settlements as an effective way to finance long-term care costs.
A practical way to get the most money for your policy. A life insurance policy is an asset you own. If you lapse or surrender your policy, you may be giving up the significant value you can receive from a life settlement. There are many reasons to consider selling your policy. A few of the most common include: ■ It’s a practical financial planning strategy. ■ The policy is no longer needed. ■ Premiums are too costly. ■ The cash surrender value has been depleted. ■ The policyowner or a family member needs money now for retirement, healthcare expenses or long-term needs. You may have the option to keep a portion of your policy for your beneficiaries, eliminate future premiums and/or get immediate cash.
Life Settlements pay an average of four or more times the policy’s cash surrender value.
Do you qualify? There are factors that determine whether your life insurance policy qualifies for a life settlement, including: ■ The insured is 70 or older (younger people may qualify depending on other factors). ■ The policy is at least $100,000. ■ The health of the insured, depending on their age and type of policy.
A simple 1-2-3 process.
- Health and Policy Review
- Policy appraisal and offer to purchase
- Complete sale and receive funds.
Please contact us for a free consultation.