The senior citizens of today, very often, are personally involved in trying to understand and make good decisions affecting their financial status and goals. In the past, once convinced to believe that life insurance was a necessity, many seniors simply continued to pay their policy premiums--year in and year out--without determining whether or not those policies were still essential to their financial situation. But that is changing. Many in today's 70+ elderly demographic are growing increasingly discontented with their current life insurance plans and question whether or not it makes sense to keep their policies in force.
Today's senior senses that a slavish servitude to their life insurance policy is not always good stewardship--and they wonder if it might not be possible to sell their policy and strengthen their financial position in the process. Can this be done? Should this be done? If so, how? Furthermore, they have heard of friends who succumbed to the idea that their only recourse was to accept asmall cash value for their policy from the insurers themselves.
The savvy senior of today wonders, "What choices do I have? Stop paying premiums, and lose all the value I have paid into this policy? Surrender the policy for a modest cash surrender value? Are any other options available?"
Yes, a third alternative has emerged. It is called, "a life settlement." This option allows you to sell your life insurance policy to a party other than your insurance company. Plus, often, you can sell your life insurance policy for more than its cash value. True, you will sell the policy for less than your policy's death benefit, but you don't have to die to get a benefit from your policy. Interested? Would you like to know how you can liquidate your policy for financial gain? The strategy you need to consider is called, "a life settlement."
Before you take this course of action, you need to fully research the details of your insurance policy. Weigh the pros and cons and gauge the best way to obtain the highest sale value possible. Some insurance agents may attempt to undercut your interest in life settlements. But, no doubt, you are smart enough to sidestep such tactics and make your own decisions.
Life settlement companies that buy and resell life insurance policies, often, are a great resource for those who want to use the life settlement strategy. Follow up your interest in the possibility of selling your policy--and you very well may receive a decent lump sum payment, instead of a mere fraction of what your policy is worth. The price you get for your life insurance policy depends on several factors, including the state of your health and your age.
The life settlement alternative is not suitable for everyone. You must analyze certain elements of your life and your policy to determine if this option is right for you. A well-informed individual will realize that, in the burgeoning life settlement industry, many competing life settlement agencies are aggressively competing to purchase life insurance policies from unassuming seniors.
Some insurance owners feel compelled to sell their life insurance policies when they are unable to afford the costly premiums. Sometimes, these same insurance owners purchase a new life insurance policy with the money they obtained from selling their insurance policy to a life settlement company. If your primary motive for selling your policy is to buy a new policy, do so only when you are certain that you can indeed acquire a new policy once your existing policy is sold.