Life Settlements: A Viable Option for Todays Seniors

| Total Words: 986

Life settlements can be a viable option for seniors willing to exchange their life insurance policy for immediate cash. A life settlement is the sale of an existing life insurance policy for a lump sum of money. It allows policyholders to access the fair market value of their life insurance by selling their policies and receiving payments greater than the cash surrender value.

Technically, a life settlement contract allows you to sell your insurance policy to a third party in exchange for a reduced amount of the face value. This is possible because a life insurance policy is actually property, like a car, house, stocks and bonds that can be legally sold. A life settlement essentially lets you extract value today from an asset that is generally thought to only have a benefit when you die. Typically, life settlement transactions involve life insurance policies of a large face amount; key-person coverage or corporate-owned life insurance; or policies representing excess coverage that is no longer needed.

Heres how a life settlement works: When a life settlement company buys your life insurance policy, it pays you a percentage of the policy’s face value. Then...

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