What are life settlements?

Ever since insurance has permeated into our daily lives such that it is as common as finding a loaf of bread, the way money is handled at different stages of our lives has evolved too such as life settlements. So let’s say that you bought a life insurance policy many years ago, and once you hit the age of 70 plus, you feel that is isn’t required anymore, what do you do with the insurance policy then?

It’s actually very simple. The person owning the life insurance policy sells it to a third party for more than its cash value but less that the face value of the life insurance policy.

Now it’s pretty obvious that since most clients that are looking to reinvest their money from their life insurance policy are above 70 among other parameters, it is also called a senior life settlement.

With a change of lifestyle for these senior citizens, their life settlements investment can then be distributed among a range of insurance and financial products that are just right for their needs such as estate planning, survivorship policies or even gifts to their family members as they reach the last few years of their lives.

All one has to do is contact an attorney who is experienced, and take your time in finding a suitable person who is willing to buy out your insurance policy for a sum that will certainly ensure peace of mind in terms of your most immediate needs being taken care of.