Senior Life Insurance Settlement
What is a Senior Life Settlement or a Senior Life Insurance Settlement?
A life settlement is a "Win-Win" situation for both the seller of the insurance policy and the buyer of the policy.
A Life Settlement is the sale of an unwanted or unneeded life insurance policy by a senior citizen (65 or older) in return for for a single cash payment. The seller gets the benefit of getting cash that he can use however he wants...to pay off a mortgage, spend on a vacation, buy a car, etc. The seller of the life insurance policy receives a cash amount which is greater than would be received by surrendering his life insurance policy to the insurance provider.
Senior Life Settlement Eligibility
On Seniors are eligible to sell their life insurance policy in return for a Life Settlement. To be eligible for Life Insurance Settlements you generally need to be 65 or older with health issues, which have changed since you were originally insured, or be 75 or older regardless of your health. The "Face Value" of your life-insurance policy(ies) must at least total $250,000. All types of life-insurance policies are eligible, including variable life insurance, key-man life insurance, universal life insurance, whole life insurance, joint-survivorship and even term life insurance. A great example is a term insurance policy which has no cash value with the insurance company, but may have a substantial "Life Insurance Settlement" value (Market Value), which can put serious cash into your pocket!
Senior Life Insurance Settlements should not be confused with Viatical contracts.
Viatical contracts purchased by investors to buy the right to a beneficial interest in an insurance policy of a senior citizen, whose owner has been diagnosed with a life expectancy of less than two years due to a terminal illness. Life Insurance Settlements are those in which you sell your policy to a funding company and terminal illness is not an issue.
Once a life insurance policy is sold it may be purchased by investors in the form of a Life Settlement or a (safer) Bonded Life Settlements. Bonded Life settlement offer a safe, guaranteed investment and can be a powerful addition to an investment portfolio.
Call us toll free at 1-888-973-8377 for a free policy evaluation to see the amount you can receive and if you qualify. You can also fill out our online form.
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