Reasons to go for Senior Life Insurance Settlements

Senior life insurance settlement means that the owner of the life insurance policy can sell the life insurance policy to a third party for an amount that is more than the surrender value offered by the life insurance company. While each case is individual, typically, senior citizens can choose this option if they are over 65 years of age, the minimum face value of the policy is $50,000 and it is active for minimum 2 years. Life settlement makes a life insurance policy an asset like stocks, bonds or real estate.

There are various reasons to choose senior life settlements. Sometimes a person takes a policy when younger which he no longer needs as a senior and a senior life insurance settlement is a good way to capitalize on the investment. At times, a person may not be able to pay the premiums or might need money for some reason; senior life settlements can help him/her raise needed cash. The senior settlement market provides much needed peace of mind to seniors, as they know that they will be able to sell their life insurance policy in case a need arises and that it is a good investment.

Often seniors may have the opportunity to replace their current policy with a newer policy at better prices. By making a life settlement on the policy in hand they may be able to buy the new (lower cost) policy with little cash out of pocket. Selling the older insurance policy as senior life settlement allows the senior to get life insurance that is much better for their situation.

The life settlement industry is relatively new, little more than a decade old. Prior to the advent of the secondary (life settlement) market, the only options one had was either to cash the policy for the surrender value, or let the policy lapse which caused financial loss to the policyholder. Expert investment advisors can help with your senior life settlement needs. Senior life insurance settlement has the potential to help seniors immensely as they no longer have to view life insurance as a liability but an asset.

Senior settlement is a superb option for seniors in many cases. As with most financial strategies it is not always appropriate or possible. It is important to get advice from and experienced life settlement broker. A good broker will take the time to understand your individual needs and help design a solution that will meet them. These are serious financial decisions for you and your family and you deserve honest objective recommendations.

To know more about senior life settlements, browse through www.mickelsonlife.com. They can guide you about life insurance, life settlements and all aspects of estate planning. Contact them today for FREE Professional Life Settlement and Life Insurance Evaluation!