Senior settlement, is this for old policies? No, a senior settlement is an industry term which indicates that a life settlement is being transacted on a senior citizen. What a senior citizen is, is open for discussion. For all intents and purposes senior settlements are generally considered to be on a person over the age of 65. Senior settlements can be an excellent financial planning and medical needs planning instrument.
As we grow older we often find ourselves in possession of assets, which no longer have the value or meet the need they once did. Life insurance often falls into that category. Perhaps you have policy that you purchased while your kids where younger, or an old mortgage protection policy or business policy, now you are retired, the mortgage is paid and the kids are grown and raising families of their own. You kept these policies alive through the years figuring that you would keep them until you had a chance to decide what to do with them. Now the time has come. A senior settlement may be the best choice for you, studies have shown that you can frequently get more value from your policy through a settlement than by “cashing your policy in” with the insurance company. Some studies have suggested a settlement can provide up to eight times the value. So, before you cash a policy in, take the time to ask a qualified advisor about the value of a settlement. For further information please click on LIVEpdq today!