I am often asked if life settlements are for me by my clients and their advisors. The answer is seldom a yes or no but rather, a “maybe” or and “if”. If you need current funds more than you or your heirs need future funds then the answer is usually yes, life settlements are a good alternative. If you no longer can or want to pay the premium on existing insurance, then a life settlement maybe good for you. A settlement is a tool and, as with any tool, can be good or it can be destructive. Much as a hammer can be used to build or tear down, life settlements can do similar building or destruction. If you have been negatively impacted by the current economy and your life insurance death benefits are not as important as they were, then a settlement is a good option. Likewise, if you are, or have left employment and have an existing term policy provided by or through your employer, and you no longer need the insurance, a settlement is an option you should look at.
Life Settlements – Are They For You
So, it stands to reason that a settlement is an individual decision that has more than one answer. Please contact me if you need help with this decision.