LIFE (VIATICAL) SETTLEMENTS
Baby boomers are seeking ways to optimize the cash value for unwanted Life Insurance policies. If they no longer need the coverage, or cannot afford the premiums, they may want to consider a life settlement. A Life Settlement is the sale of a Life Insurance policy to an institutional money source for substantially more than its cash surrender value, but less than the face value. By selling the policy, they can extract more value, rather than simply abandoning it. A Life Settlement offers a way to eliminate high premiums and still retain value at your passing. The process takes about 60 – 90 days. The seller receives a lump sum payment.
Policies that can be sold are: Joint Survivorship Universal Life (SUL), Term Policies Still Convertible to Universal Life, Whole Life Insurance, Most Group Life Insurance and Key-Man Life Insurance.
There are a number of factors that motivate people to sell their policies:
- Your policy was purchased several years ago and is not performing as expected.
- You want funds to purchase a more appropriate and cost-effective coverage, such as Long Term Care insurance or a Survivorship policy.
- You have a life-limiting illness like cancer and need funds to pay for medical expenses.
- You want funds to make a charitable donation and wish to see the donation put to use, or to establish a Charitable Remainder Trust.
- Your Estate Planning needs have changed and coverage is no longer required.
- Life Insurance that was purchased for business purposes is no longer needed.
- Expensive premiums are impeding your ability to take care of basic living needs.
- Your priorities have changed and you want to travel and enjoy retirement.
- You would like to reduce your coverage by selling a portion of your death benefit.
- You want to help your grandchildren pay off student loans.
- You need money for medical expenses or to finance long-term care expenses.
- You want to settle personal or business debts proactively.
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