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Life Settlements: What Seniors Should Know.

Statistics show that most life insurance policies either lapse or are surrendered – which means a large sum of money is left uncollected.

But now, seniors have an option to leverage this assignable asset through a “Life Settlement.”

A Life Settlement is the sale of a life insurance policy in the secondary market – normally through a broker or financial planner – to a life settlement provider for a cash payment less than the full amount of the death benefit – but for substantially more than the policy surrender value. The transaction involves the policy owner’s transfer of ownership rights to the provider for an agreed amount. The settlement provider then becomes the policy owner, beneficiary, and is responsible for future premium payments.

The Life Settlement gives seniors an exit strategy for life insurance policies they view as too expensive, poor performing, or because it no longer meets their original needs.

Selling one’s life insurance policy as part of a broader financial planning strategy is often a prudent financial decision for high net worth seniors facing changing life circumstances. Proceeds are often used by the seller to buy a more cost effective life insurance policy or annuity, purchase long term care insurance, provide cash gifts to family members, invest in a new business, etc.

When to consider a Life Settlement

• When the insured is 70 years of age or older
• When a policy is lapsing or being surrendered
• When the current life policy is too expensive
• When there is a need for new life insurance, annuities, or long term care
• When the insured has outlived the beneficiaries
• When there is an estate tax change
• When policy premiums are no longer affordable
• When there is a change in the health status of the insured.
• When there is a retiring key-man or a company / partnership selling
• When there is a liquidation of assets due to bankruptcy

A life settlement also presents insured individuals with a more desirable alternative to:

• A 1035 exchange
• Surrendering a life policy
• Letting a life policy lapse

Life settlements are the opportunity to provide a highly profitable alternative to those who are over age 65, or any age living with a serious illness. Financial professionals all across the country are building a significant profit center by offering their clients life settlements. This can be done without altering your focus or changing your current business plan.

Financial and estate planning needs are constantly changing and the demand for more flexible financial tools is evident and quickly increasing. A life settlement can help you meet these challenges with great monetary benefits to you.

How is a Life Settlement "found money?"
Most seniors are unaware that their existing life insurance may possibly be liquidated for 10-60% of the current coverage amount now, regardless of cash value.

How is a Life Settlement used for financial planning?
While the proceeds are unrestricted and can be used in any way you choose, most Life Settlements are utilized as a funding tool to purchase other needed financial products, such as Annuities, Life Insurance, Investments and Long-Term Care.
What if I still need life insurance coverage?
In many cases, using part or all of the Life Settlement proceeds to fund a new policy can be a very popular way to reduce or even eliminate future life insurance premiums.

What are the benefits of the Life Settlement option?

• Fund a single premium Annuity/Life
• Fund new needed Annuities, Life Insurance, Long-Term Care or Investments
• Create more comfortable retirement years
• Fund the purchase of a needed survivorship policy
• Settle personal or business debts proactively
• Bestow cash gifts to family members or charities
• Reduce or eliminate future Life Insurance premiums
• Maintain a lifestyle despite changes in finances or health
• Activate income from an inactive asset
• A more profitable alternative than surrender or lapse

Who qualifies for a Life Settlement quote?
Any senior who is age 65+ with a life insurance policy that is more than two years old with a coverage amount exceeding $100,000.

What types of policies qualify?
Almost any type of life insurance…

• term
• universal life
• whole life
• survivorship
• or key-man…
  
  owned by…
• an individual
• trust
• corporation
• group
• charitable organization

How do I get a Life Settlement quote?
Obtaining a quote is even easier than buying a Life Insurance Policy! Interested policy owners fill out our simple 1st Life Settlement Quote Form. In approximately two weeks, the highest bidding institution presents a lump sum offer for your consideration. There is no fee or obligation to accept the Life Settlement at any time.