If you have a life insurance policy you might want to consider a senior settlement. A settlement is a process where a senior citizen, usually age 65 or older, is able to sell an existing insurance policy they no longer want or need for a cash settlement. This is almost always a better alternative for most people than a reverse mortgage, which has expensive upfront fees and can cause problems if you end up living for longer than was expected. Likewise, converting your policy to a paid-up policy with a lower death benefit will lessen the value of your policy on the secondary market, although insurance agents sometimes encourage policyholders to take this option.
A senior settlement broker can offer you a cash amount for your policy in one lump sum in exchange for you transferring the ownership of the policy to the company they represent. This amount is almost always higher than the surrender value of the policy. This senior settlement allows you to have additional finances to pay off your other existing debts, or to use for your retirement, allowing you to maintain your standard of living.
If you would like to know more information about settlements, and whether they would be beneficial to you, please click on LIVEpdq at the top of this page.