LIBI
What is a Life Settlement?
A Life Settlement is a revolutionary financial planning tool that allows senior insureds to sell a life insurance policy to a third-party for an amount greater than the cash surrender value. The sale involves an insured normally age 65 or older, with a policy that is no longer appropriate or affordable, to a third-party investment company which provides the owner of the policy with a lump sum cash settlement.
Why would someone "Sell" their policy?
Policies are sold for many and varying reasons. In many cases, the original purpose or need for the policy has changed or has diminished entirely. A life insurance policy is considered a personal property asset. Like any asset, the owner of the policy has the right to sell their policy to a willing buyer and obtain a present market value for the future death benefit.
When should a settlement be considered?
The ability to obtain cash today for a life insurance policy can create many financial planning opportunities. These are some common circumstances leading to a life settlement:
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