Win – Win Financial Solution for Seniors!
A Life Insurance Settlement is the sales of a life
insurance policy to a third party in exchange for a cash
settlement in excess of the cash surrender value of policy
- even if none exists! This is also called as Life
settlement, Insurance settlement and also Senior settlement.
Typically, a Life insurance settlement or senior settlement
is about three to five times the cash surrender value of
the policy.
Life settlement: When an individual who does not have a
terminal or chronic illness sells a policy for other
reasons, including changed needs of dependents, wanting to
reduce premiums, and cash for meeting expenses, that is
known as a Life settlement.
Viatical settlement: When an individual with a terminal or
chronic illness sells his or her life insurance policy that
is known as a Viatical settlement.
Hitherto, elderly senior Americans with life insurance
policies they do not need or cannot afford to keep up have
had very little option. They will let the policies lapse or
sell them back to their insurers. Now lots of them are glad
to have an alternative, i.e. Life Insurance Settlement or
Senior Settlement. Seniors may now be able to sell their
policy for far more than the cash surrender value the
insurance carrier would offer.
When you go for Life Insurance Settlement or Senior
Settlement, the life insurance policy owner sells his or
her contractual rights under the policy at its present
market value in exchange for a lump sum cash payment, which
payment exceeds the cash surrender value of the policy.
The purchaser of the policy will then become the new owner
and the new beneficiary of the life insurance policy and is
then responsible for making all of the future premium
payments. The new owner now collects the full amount of the
death benefit when the insured dies.
Life Insurance settlement or Senior settlement present a
unique opportunity to the senior policy holder to extract
the maximum possible value from an existing life insurance
policy and repurpose those funds for whatever financial
needs may exist.
Seniors can use the money received from Life Insurance
Settlement or Senior Settlement, to purchase new insurance,
travel the world, start a business, buy a property or
fulfill their dreams. The money is theirs to simply enjoy
and use it for any reason they can think of. In fact,
seniors can use the cash settlement for medical expenses,
living expenses, or anything they desire-with no
restrictions.
There are various reasons why seniors sell their life
insurance policy and opt for Life Insurance Settlement or
Senior Settlement. Why Sell Your Life Insurance Policy?
1. If you are chronically ill, selling your current life
insurance policy provides needed funds to cover financial
burdens caused by your illness. A viatical settlement gives
you the ability to regain needed financial security.
2. If you are over the age of sixty-five, a life insurance
settlement or senior settlement maximizes your current
assets by eliminating premiums and getting funds that can
be used today.
3. Pay off debts.
4. Make funds available for other investments.
5. Turn a lapse insurance policy into cash with Life
settlement.
6. Pay your medical care bills.
7. Finance your retirement.
8. If you are a corporation, selling corporate owned life
insurance lets you regain back premiums paid on no longer
needed policies.
9. If you are a non profit organization, selling a gifted
life insurance policy provides funds that can be used now
and also eliminates premiums.
10. If you managing an estate, selling your current life
insurance policy will help manage changes in estate size,
eliminate premiums, and liquidate policies that no longer
are needed.
What Insurance Policies Qualify for Life Insurance
Settlements?
To find out whether you qualify, here are some of the
requirements.
(A) Must be at least 65 years of age
(B) The face value of the policy is at least $50,000
(C) The insured has experienced deterioration in health
since the insurance policy was issued; life expectancy is
under 15 years
(D) The insurance policy is in effect beyond the two year
contestable period
(E) You Are Over 21 with a Life-Threatening Illness –
Viatical Settlement
But any policy owner, including individuals, corporations,
charities or trusts, may sell any life insurance policy,
including group and term policies.
What types of polices are purchased?
1. Government issued policies
2. Term Life
3. Universal Life
4. Survivorship policies
5. Many Group types of policies
6. Corporate Owned Life Insurance
7. Whole Life
8. Basically All Types of Life Insurance Policies
The life insurance settlement value could be potentially
much higher than the cash settlement of your life insurance
policy. Do not continue to pay expensive premiums for
coverage you no longer need, and do not surrender the
policy or let it lapse. The Life insurance settlement,
Senior settlement or Viatical settlement solution is
typically the Win-Win scenario that you have been looking
for.
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About the Author:
Paul Sherman is a Cash Flow Consultant. He offers free,
professional and independent advice to Individuals,
Business owners and Seniors. To secure a Life Insurance
Settlement, Senior Settlement or Structured Settlement
funding please visit http://www.Financial-Ease.com
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