7Newswire
31 Jul 2023, 17:40 GMT+10
A life settlement can be a much-needed lifeline for many retirees. Unfortunately, many older adults do not realize they can get cash for their life insurance policy that they cannot afford or no longer need. Some people opt to sell their houses to pay for unexpected expenses like medical care when they have a life insurance policy that can cater to such expenses.
Read on to understand what a life settlement is, how third-party life settlement company experts can help, and why life settlement is becoming an attractive option for future retirees.
A life settlement is a financial transaction where the insured sells their life insurance to a different third-party provider. The payment is usually a lump sum cash payment that's four to six times the cash surrender value but less than the policy's death benefit. After the sale, the life settlement company becomes the policyholder and continues paying the premiums until the insured dies. Upon the insured person's death, the company collects the death benefits from the insurance provider.
Several factors determine your eligibility for a settlement. While circumstances may vary from one person to the other, the following are some of the factors that can guide you when checking your eligibility:
If you are considering a life settlement, it is best to talk to life settlement experts like Jay Jackson to determine your eligibility and estimate what your policy is worth.
Most future retirees are considering life settlement for several reasons, including the following:
If your life insurance policy is too expensive to maintain and you cannot afford it anymore, a life settlement may be what you need to eliminate future insurance premium payments.
If you need to fund a significant expense, say funding assisted living facility costs, medical care, or other costs, you may consider selling your life insurance policy to experts like a life settlement company CEO, Jay Jackson, to cover such expenses.
If you no longer need a life insurance policy or face changes like divorce or retirement, or if your dependents no longer need the policy, you can sell it to a life settlement company.
You may choose a life settlement to use the equity in investing in a business, buying a home, or paying off debts. You can achieve your goals quicker by selling your life insurance policy to life settlement experts like CEO Jay Jackson.
Sometimes, you may need additional money to fund your retirement. In such cases, the life settlement option may enable you to pay for your expenses rather than return to work or depend on family members' support. You can also make the most of your retirement by using the cash for vacations or other activities since you can spend it however you wish.
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