Life settlement companies refers to companies that are in business to purchase in-force life insurance policies. If you are 74 years of age and up you may be in a position to sell your policy for an amount far above the surrender value. Depending upon your life expectancy and the cost of your policy a value can be arrived at or offered to you in cash for the future rights of the policy. Life settlement companies require that the insured must release accurate medical history or records in order to provide the life settlement companies with a life expectancy report. This report is critical in calculating the net present value of your policy from a settlement perspective. Hiring an agent/advisor to help you in the submission of your policy for sale to these types of companies is my recommendation . Do not sign anything requiring you to sell the policy upon submission of the policy for sale and be prepared to make that decision only if the offered amount solves your objectives. You may be in a position of surprise as to just how much your policy is worth especially if you have had a medical complication during the insurance period. In these hard economic times your objectives may have changed or the costs associated with premium expense is too much to sustain. In this case you should know the value of your policy from a settlement standpoint as you may be able to turn life insurance into cash that could open up many estate planning alternatives that you did not know existed. Again find out the value of your policy as mentioned above and understand that you do not have to wait until death to obtain value from a life insurance policy as in many cases in a senior market the values offered are surprising.
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