Senior Life Settlements – Secured Options

2007-03-08 10:33:40

( Financial )



Currently, private insurance gives significant choices for retirement and other financial options for personal injury claims or lawsuit. If you have an existing life care policy and have retirement plans at this stage, you can consider getting a secured option such as senior life settlements and when the need arises in the future you may also opt for cash settlements.

Consider life insurance settlements when you feel that your life insurance premiums becomes too expensive for you to continue, when you are already contemplating for retirement, and if sudden conditions occur in your health or when your existing policy is about to lapse. Life settlements can help seniors of 65 years old and above to be more comfortable in their retirement years and can give additional funds to supplement retirement income. It can also reduce or eliminate life insurance premiums. At present, insurance companies in the market provide two types of life settlements transaction which is senior life settlements and viatical settlements.

You don’t need to worry if you have a policy which you no longer want to sustain or you can no longer afford to pay the fees because through senior settlements, you can sell your policy to a financial institution for cash settlements as an added option. Life settlements will even allow a policy owner to determine and settle the amount of their policy in a much higher cash payout than cash surrender value. Senior life settlements can also provide you funds for treatments not covered by health insurance.

On the other hand, viatical settlement is an important financial option for terminally ill individuals. By utilizing the value of the policy it can ease the financial burdens bought by increased medical costs and can compensate policy owner for a loss of income due to illness. Viatical settlements can also relieve monthly premium expenses, tax free for settlement income and immediate cash out to erase financial burdens. And similar to senior life settlements, it also provides additional treatment funds.

There is also an option for structured settlements concerning personal or non-personal injury claims or lawsuits. This is funded by annuities provided by life insurance companies, ensuring constant recurring payments. If you are a claimant in this settlement, you can receive more money than cash settlements in the long run and possibility to have an income tax free periodic payment.

Check a secured life insurance settlement provider in the market and ask for settlement assistance.


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