Get More From Your Life Insurance Policy

Tuesday, March 1, 2016

Get More From Your Life Insurance (NAPSA)—If you or someone you care about is over 65, you may be able to get your hands on lot more money than you realize, if you have a life insurance policy with a face amount of $100,000 or more. That’s because many people can sell their insurance policy and get a cash payment through what is known as life settlement. The buyer pays all future premiums and receives the death benefit when the policy matures. This sort of transaction is not for everyone, but it may be an option for you if you meet qualifications such as: 1. The age andhealth of the insured: Seniors who are age 65 years or older. Younger insureds may qualify, depending on certain medical conditions. 2. The type of policy: While just about every type of insurance policy can be used, including term insurance, the majority of policies sold are universal life insurance policies. 3. The premiums: The amount of the premium payments to keep the policy in force also plays a role in the amount you're offered. 4, The policy’s face value: Policies with benefits of more than $100,000 are most sought after but some smaller policies canstill be sold. WhatIt’s Worth While the ultimate selling price is influenced by what investors are willing to pay at the time, the selling price of a life policy will afford their life insurance policies may qualify for a life settlement. always be greater than the cash surrender value but less than the death benefit. Why DoIt Selling yourpolicy can help you in many ways. It can preserve your standardofliving, relieve you from premium payments, increase yourability to invest and, if necessary, fund long-term care. Whereto Get Help Fortunately, there are people who can help. The membersof the Life Insurance Settlement Association (LISA) educate consumers and advisers about a life settlement while they advance the highest standards of practice and professional development. In fact, all LISA members are subject to a rigorous vetting process and must accept a Code of Ethics. Learn More For further facts, or to find a life settlement professional who can help you look into this option and see if it makes sense for you, call (800) 664-9024 or visit www.lisa.org.

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