What is a Life Insurance Settlement?
Life insurance settlements are a relatively foreign concept to most people, but the increase in television commercials on the subject have brought them to the forefront. According to the Life Insurance Settlement Association, a life settlement is “the sale by the owner of a life insurance policy to a third party for an amount greater than its cash surrender value and less than the death benefit”.
Life insurance settlements are not for everyone, but they might be an option for you if…
- Are over the age of 65
- You can no longer afford your life insurance premiums
- Your term policy is near the end of the term period
- You need the funds for health expenses, long term care, or to improve your retirement lifestyle
- You are a business owner that no longer needs your key man or partnership life insurance policy
- You no longer need the funds to pay estate taxes
Research shows that every year, approximately $112 billion in benefits is forfeited by Americans over the age of 65 by lapsing or surrendering their life insurance policies. It is always worth it to see if you qualify. You are always under no obligation.
If you would like to see if you qualify for a life settlement, give us a call at 615-919-1009 and we will connect you with our in-house expert with over 40 years of experience. The process is started with an informal discussion to see if a life settlement is the right option for you. Give us a call today!