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be a wise option.
* If the beneficiary of the original policy has passed away or reached his or her majority, a sizable life insurance policy may no longer be needed. This is sometimes the case for older Americans who originally purchased large policies when their children were young. If the children are now grown and on their own with a comfortable living, there is no longer a need to keep paying large premiums for a hefty policy.
* Individuals who have large policies but can no longer afford the premiums can doubly benefit from the cash value of life settlements - they no longer have to pay the premiums and they receive a lump sum of money which they can use for other needs.
* Individuals with terminal illnesses may benefit from life settlements while they are still living as a way to obtain much needed cash for medical treatments, hospice care and other expenses.
Life Settlements are Relatively Simple
There are an increasing number of brokers who handle life settlements today, and if you work with a financial advisor he or she can usually arrange a life settlement sale for you as well. The process is surprisingly simple. Because more and more people are going this route, tables have been designed that can give consumers an estimated range of what they can expect to get from a life settlement base on a number of criteria, including:
* Age, sex and occupation of the policyholder
* Health of the policyholder
* Size of the policy
* Annual premium rate of the policy
* Final value of the policy upon policyholder's death
Most of this information can be easily obtained except for your health information. For this, you may have to agree to have your medical records for a specified period of time released to the life settlement appraiser. You may also be asked to undergo a complete physical.
After this has been done, you will generally receive several life settlement offers. It is this competitive bidding that gives you a sizable lump sum for your policy that far exceeds the cash value you would get from your insurance company.
To find out more, talk to firm specializing in life settlements or your financial advisor. As you enter your retirement years, a life settlement can give you a lot more options than you had thought possible.
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Tony King writes is a contributing author for Life Insurance Settlements, Inc.. (LIS ) is one of the largest and most experienced brokers in the life settlement industry, as well as the number one choice for financial professionals seeking solutions for their Senior client life settlement needs. LIS provides the tools, support and education necessary for the financial or insurance professional to offer these as a complimentary service.
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