REST EASY WITH SENIOR LIFE SETTLEMENTS

2007-03-08 10:33:40

( Financial )



Today's senior citizens have to deal with many changes in living conditions and several financial concerns. They have to pay for their health care bills, as well as worry about their daily living expenses. The government has several programs for them, but most are usually inadequate. However, senior citizens who have insurance policies have another option - senior life settlements.

Senior life settlements, also called life insurance settlements, are transactions where a senior citizen can sell an unneeded insurance policy to a third party. These life settlements are bought from the policyholder's insurance company at a price above the policies' cash surrender value. Senior settlements are similar to viatical settlements, because the new beneficiary collects the payoff when the insured person dies.

Senior citizens, whose earn less than what they did when they were younger, might find their insurance premiums difficult to keep up with. Rather than give up what they've saved for many years, they might consider senior settlements as alternatives. Some senior citizens may also find that they no longer need their life insurance policies, especially if their beneficiaries are already self-sufficient. By freeing up cash invested in their life insurance policies, senior life settlements allow senior citizens to take care of their daily expenses, pay for their health care bills, get a retirement house or travel around the world.

Senior life settlements also benefit the purchasers. The new beneficiary can typically collect two to five times more than what they bought the policy for. These life insurance settlements can be good investments for trusts, corporations and individuals.

If you are a person aged 65 and above, you only need to get an appraisal from a senior life settlements provider. There is no obligation or additional cost to do this. Some companies may ask for a physical exam, but most companies waive this. The settlement provider will then give you an idea about what your policy is worth. It is ideal that you consult different providers before deciding to get senior life settlements. Examine which offer is best for you.

You may also opt for a broker. Brokers are familiar with the market, and thus can make the process of getting senior life settlements faster. A broker can find prospective buyers for you and get good bids for your policy. To prevent fraud, make sure your broker is authorized by the National Association of Insurance Commissioners.

There is no reason why you can't enjoy a life of comfort and ease in your old age. So talk to your provider about senior life settlements now, and ensure a continuous, worry-free, productive life.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.