LIFE SETTLEMENTS

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Benefits Of A Life Settlement

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With increasing regulations and consumer awareness, the life settlement market continues to grow.  Seniors are finding they have options, and some of the many reasons  to sell their policy include relief from costly premiums, liquidating assets as a means to pay for long-term care, planning for retirement, generate substantial cash for children and grandchildren to assist with continuing education, they no longer want or need the policy, or various other reasons.  Don't accept the insurers offer for the cash surrender value without first exploring your options with a life settlement.

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Higher Payouts Than The Policy’s Surrender Value

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The London Business School stated: “We find that policy owners selling their policies collectively, receive more than four times the amount they would have received if they surrendered their policies to their respective life insurance companies for it’s cash value.”

Further, Life Insurance Settlement Association (L.I.S.A.) stated policy owners could receive close to 4 times more than their surrender value of their policy.

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Funding Long Term Health Care

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"According to the Genworth 2019 Cost of Care Survey, the national median annual cost for long term care ranges from $48,612 to $102,200 depending on the type of care needed. Assuming the average stay in a nursing home is three years, costs can easily surpass $300,000 for the entire long term care event."

 

Further, according to the American Association for Long Term Care Insurance, the below chart reveals the true cost.

Long Term Care Insurance Rates for Couple Both Age 60

Average Cost: $3,381-per-year (combined)
Low Cost: $2,794
High Cost: $5,637
Both individuals are age 55, standard health rate. Initial policy benefit for EACH is $164,000 based on a Daily benefit of $150 and 3 year benefit period. Coverage value will increase annually because a 3 percent compound inflation growth option was included.

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Paying Off Debt

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Many seniors are living less robustly than they would like. "According to the Survey of Consumer Finances, the percentage of households headed by an adult aged 65 or older with any debt increased from 41.5% in 1992 to 51.9% in 2010 to 60% in 2016." Many people are benefiting by using funds received from a life settlement to pay those debts off and live a more worry free life.

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Funding For Travel Plans

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You've worked hard to plan for retirement, however now your income is substantially less than when you were working full time and perhaps your plans to travel have been placed on hold due to lack of funds. Selling your Life Insurance Policy could provide finances to get your travel on.

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