How a Life Settlement Can Help You

If you are a senior citizen and you are concerned about one or more of your life insurance policies, consider a life settlement. A life settlement involves selling your life insurance for more than its face value. While you receive less than the cash value of the policy, a life settlement can be helpful if you can no longer afford the premiums on your policy or your health status has changed.

Other reasons for seniors to consider life settlements include a lapsing policy or one that the holder is surrendering. If you are over 70, need new insurance, or you have outlived your beneficiaries, it’s also a good time to consider a life settlement. Look into a life settlement if there will be a sizable estate tax charge on the policy when you die. Some policyholders are better candidates for life settlements than others; ideally, your policy must be worth a certain amount and you must have owned the policy for a certain period of time. Different companies have different guidelines for appropriate candidates.

A senior life settlement can be a good way to make sure that you recoup the greatest amount of value from your life insurance policy at the time most convenient to you. A life settlement brokers can help you find the best company to buy your insurance policy, allowing you to extract maximum value. This relatively new market can be hard to navigate, so make sure to evaluate your options.