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Life Settlement
A life settlement offers senior citizens the opportunity to cash in their life insurance policy for an amount greater than the cash surrender value and benefit now from unwanted or unaffordable life insurance policies. Life Settlements, also known as senior settlements are a relatively new tool for owners of life insurance policies. Often, owners of life insurance policies have outgrown the need for their life insurance with their home being paid for and no one left to care for. Seniors often find themselves wondering how to pay for long term care and could benefit from selling their life insurance policy to a Life Settlement company. They are resold to institutional investors who offer a settlement. Even term life insurance, which has zero ‘cash value' can often be resold.
General guidelines for life settlement candidates are seniors age 65 and older who have:
- A change in insurability since policy issue
- Greater than $250,000 face value policy
- Life policy is beyond the 2-year contestability period
A life settlement may provide a better alternative than allowing an unneeded policy to lapse or be surrendered for its cash value.
Aging Avenues offers Indianapolis seniors a network of Preferred Providers to help you with your Life Settlement needs.
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