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Why choose a Life Settlement?
A life insurance policy is the property of the owner. A policy may be sold when the owner has determined that he or she no longer needs the policy. This may arise in circumstances such as business owned policies where the insured is no longer connected to the business, or where the insurance proceeds are no longer needed to pay estate taxes or final expenses. The contract may be sold for any reason that the owner may desire

Examples of policies that are not needed any more are:
1. Policy bought years before to fund a child's education in the event of the policyholders premature death. Now the children are grown and out of college, and the need for the policy is no longer needed.

2. Policy listed the spouse as the beneficiary. The spouse has predeceased the policyholder, and the policyholder would rather have the money now than leave the death benefit to another beneficiary.

3. The premium payments have become too expensive to keep up.

4. Circumstances have changed so that the policyholder's need or desire for the funds now outweighs the original purpose for the policy

There are no medical examinations required, there is no cost to find out what a policy is worth, and we will purchase most any kind of life insurance policy (whole life, term, universal, group policies, and split dollar policies) issued by most any life insurance company.
Consider the following scenarios:
The husband holds a policy with his wife as beneficiary. His wife predeceases him and he has no children. He would rather sell the policy and use the funds now than leave the policies death benefit to someone else.

Retiree is offered his employer's key person policy upon retirement. Retiree doesn't need the policy, but recognizes that he can accept the policy and then immediately sell it for cash, perhaps before he's even made the first premium payment!

Senior citizen's policy has a policy on which the premiums have simply gotten too expensive. Before, the choice was to let a term policy lapse, or cash in a permanent policy. But now, the policy can be sold, realizing more value for the policyholder.

These are just a few of the examples of how the sale of an unneeded life insurance policy can fit into a senior citizen's financial planning. Many senior citizens will be pleasantly relieved to know that they can now receive the money while still alive, possibly tax free, and that they will not have to make any more policy premium payments.

 

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