Is a life settlement a solution to your current need for cash? Could a life settlement help you solve a personal financial need or reach a goal on your bucket list?
Life settlements provide a way for you to get cash out of your life insurance policy without having to die first.
If you are the owner of a permanent plan of life insurance — like Whole Life, Universal Life or Variable Life — you can sell that policy to a life settlement company and receive a present day value of your plan’s future death benefit.
There are, at least, 10 reasons to consider placing your existing permanent life insurance policy in a life settlement contract:
1) Your long term need for insurance has changed.
2) You have experienced a change in your personal financial situation.
3) You want to make an inter vivos (living) gift of cash.
4) Your health status has changed.
5) You have a current need for cash.
6) You want to fund an alternative investment.
7) You want to pay off your mortgage.
8) You need to pay off outstanding debt.
9) You want to make a present day gift to charity.
10) You want to take a vacation.
Let’s focus on reason number five. A life settlement option can provide you cash to use for whatever purpose you have in mind. Depending on your age and years of life expectancy, you may receive an amount from a life settlement that is almost eight times the amount that you would get by surrendering the policy.
Consider how a life settlement can benefit you. Talk to an expert about this technique. The cash you receive by selling your permanent life insurance plan today may significantly enrich your life.