| Win – Win Financial Solution for Seniors! | | | | life insurance policy and opt for Life Insurance |
| A Life Insurance Settlement is the sales of a life | | | | Settlement or Senior Settlement. |
| insurance policy to a third party in exchange for a | | | | Why Sell Your Life Insurance Policy? |
| cash settlement in excess of the cash surrender | | | | 1. If you are chronically ill, selling your current life |
| value of policy —even if none exists! This is | | | | insurance policy provides needed funds to cover |
| also called as Life settlement, Insurance | | | | financial burdens caused by your illness. A viatical |
| settlement or Senior settlement. | | | | settlement gives you the ability to regain needed |
| Typically, a Life insurance settlement or senior | | | | financial security. |
| settlement is about three to five times the cash | | | | 2. If you are over the age of sixty-five, a life |
| surrender value of the policy. | | | | insurance settlement or senior settlement |
| Life settlement: When an individual who does not | | | | maximizes your current assets by eliminating |
| have a terminal or chronic illness sells a policy for | | | | premiums and getting funds that can be used |
| other reasons, including changed needs of | | | | today. |
| dependents, wanting to reduce premiums, and | | | | 3. Pay off debts. |
| cash for meeting expenses, that is known as a | | | | 4. Make funds available for other investments. |
| Life settlement. | | | | 5. Turn a lapse insurance policy into cash with Life |
| Viatical settlement: When an individual with a | | | | settlement. |
| terminal or chronic illness sells his or her life | | | | 6. Pay your medical care bills. |
| insurance policy that is known as a Viatical | | | | 7. Finance your retirement. |
| settlement. | | | | 8. If you are a corporation, selling corporate |
| Hitherto, elderly Americans with life insurance | | | | owned life insurance lets you regain back |
| policies they do not need or cannot afford to | | | | premiums paid on no longer needed policies. |
| keep up have had little option. They will let the | | | | 9. If you are a non profit organization, selling a |
| policies lapse or sell them back to their insurers. | | | | gifted life insurance policy provides funds that can |
| Now lots of them are glad to have an alternative, | | | | be used now and also eliminates premiums. |
| i.e. Life Insurance Settlement or Senior | | | | 10. If you managing an estate, selling your current |
| Settlement. Seniors may now be able to sell their | | | | life insurance policy will help manage changes in |
| policy for far more than the cash surrender value | | | | estate size, eliminate premiums, and liquidate |
| the insurance carrier would offer. | | | | policies that no longer are needed. |
| When you go for Life Insurance Settlement or | | | | What Insurance Policies Qualify for Life Insurance |
| Senior Settlement, the life insurance policy owner | | | | Settlements or Senior Settlements? |
| sells his or her contractual rights under the policy | | | | To find out whether you qualify, here are some |
| at its present market value in exchange for a | | | | of the requirements. |
| lump sum cash payment, which payment exceeds | | | | (A) Must be at least 65 years of age |
| the cash surrender value of the policy. | | | | (B) The face value of the policy is at least |
| The purchaser of the policy will then become the | | | | $50,000 |
| new owner and the new beneficiary of the life | | | | (C) The insured has experienced deterioration in |
| insurance policy and is then responsible for making | | | | health since the insurance policy was issued; life |
| all of the future premium payments. The new | | | | expectancy is under 15 years |
| owner now collects the full amount of the death | | | | (D) The insurance policy is in effect beyond the |
| benefit when the insured dies. | | | | two year contestable period |
| Life Insurance settlement or Senior settlement | | | | (E) You Are Over 21 with a Life-Threatening |
| present a unique opportunity to the senior policy | | | | Illness – Viatical Settlement |
| holder to extract the maximum possible value | | | | But any policy owner, including individuals, |
| from an existing life insurance policy and | | | | corporations, charities or trusts, may sell any life |
| repurpose those funds for whatever financial | | | | insurance policy, including group and term policies. |
| needs may exist. | | | | What Types of Life Insurance Polices are |
| Seniors can use the money received from Life | | | | purchased? |
| Insurance Settlement or Senior Settlement, to | | | | 1. Government issued policies |
| purchase new insurance, travel the world, start a | | | | 2. Term Life |
| business, buy a property or fulfill their dreams. | | | | 3. Universal Life |
| The money is theirs to simply enjoy and use it | | | | 4. Survivorship policies |
| for any reason they can think of. In fact, seniors | | | | 5. Many Group types of policies |
| can use the cash settlement for medical | | | | 6. Corporate Owned Life Insurance |
| expenses, living expenses, or anything they | | | | 7. Whole Life |
| desire—with no restrictions. | | | | 8. |
| There are various reasons why seniors sell their | | | | |