What are Life Settlements?

Many people in the United States have life insurance policies that they no longer need or want. This can be for a variety of reasons, but many times it is because they have either outlived their beneficiaries or they are tired of paying the premiums.

A senior life settlements company can provide a few options available to the policy holder. First, they can obtain the services of a life settlement company. Life settlements companies try to sell the policy for the highest amount for the policy holder. Of course, the life settlement company will also facilitate giving the policy to a charity for a fee.

The other option is the policy holder can let the policy lapse by not paying the premium. Unfortunately, their beneficiaries do not get any benefit upon their death. Often this is after many years of paying the premium, so it is generally better to sell the policy for more than the surrender cash value.

Senior life settlements insurance has many benefits for the policy holder. They will sell the policy to whoever will pay the most for it. This way the policy holder gets a cash settlement before their death. Although they will not get the face value of the policy, they will get a return on all the premiums they paid for all those years.

Generally, life settlement companies are looking for individuals who have a policy in excess of $250,000, are at least seventy years of age, and have a life expectancy of twelve years. If you or someone you know meets these requirements, a life settlement company is a great solution to sell or give away unwanted policies.