Do You Qualify For A Life Settlement?

If there’s anything that is true of old age, it is the fact that depression, anxiety and sleep disorder become a part and parcel of their lives, thanks to the “turn” that their lives have taken. Yet it is not just about mental health that worries most senior citizens as the state of their financial health also becomes an added burden even if you have done everything right in preparing for retirement.

Yet a small number of senior citizens have been able to do something about the latter due to the fact that life settlements work so well for almost every senior citizen who decides to sell his/her life insurance policy to a third party.

If that has piqued your curiosity then the next question would be: Will my policy qualify for a life settlement?

So here is a list of requirements that will help determine whether or not you qualify for this important (even life-saving) transaction:

#1: Age limit

If you decide to sell your life insurance policy, it is important that you are above the age of 60 years yet in most cases people who do opt for this kind of a transaction have reached the age of 74 at least.

#2: Life Expectancy

In most cases, people who opt for a senior life settlement normally have 15 years or less to live, and hence, it is deemed fitting to sell their insurance policy since it no longer makes sense to pay for something they might not need anymore. Most companies determine the life expectancy of an individual by evaluating the medical records of the senior citizen.

#3: Premiums

The policy will qualify as long as the premium paid is less than 8 percent per annum.