The life insurance settlement industry has been growing in popularity and has become a mainstream financial tool for financial planners dealing with senior clients. A life settlement is when a policyholder sells a life insurance policy to investors who will become the beneficiary and responsible for the premium payments. Typically the policyholders are over 70 years of age with a life expectancy of ten years or less.
The life insurance settlement industry can provide much needed cash to seniors who can no longer afford to pay premiums or have outlived the beneficiaries and would be better served using the policy cash value toward living needs. The life insurance settlement industry has provided an alternative to simply cashing in your policy to the issuing insurance company or allowing a policy to expire worthless. A life settlement will pay a percentage of the death benefit to the policyholder which may be a much greater return than the accumulated cash value.
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