Today’s seniors are finding more life on the other side of retirement than they may have saved comfortably for. Others simply have saved over the decades and now want to get out and enjoy the fruits of your labor.
Wherever you stand in these equations, your life insurance policy may place you in the perfect position to enjoy a life settlement. But, who is the ideal candidate for this type of transaction? Chances are that you may very well be.
Identifying Ideal Life Settlement Candidates
Life settlements are not for everyone, but are a great match for many. The ideal candidate is over the age of 65 and have a life insurance policy with a face value greater than $250,000. A life settlement is only possible if the surrender value of the policy is exceeded by the current market value of the policy.
They are also good choices for people who have had recent changes in insurability, as well as those who have a need for cash now that outweighs the need for life insurance coverage. These needs could be help paying medical bills, nursing home or critical care expenses, a once in a lifetime vacation, or debt for low-strings retirement living.
Life expectancy, particularly a long life expectancy, is another key determining factor explored when issuing life settlements. This means that people who have lower premiums and are older in age have greater potential reward from a life settlement than those who are younger or who have higher premiums. The value of the policy also plays a major role in the risks for issuers.
Options Beyond Ideal Candidates?
You don’t have to worry if you’re not the ideal candidate on paper. It may be possible for you to reap the rewards of your years of timely payments on your life insurance policy. We have helped many people with a wide range of backgrounds and needs, including those who have term life policies, joint survivorships, and all points in between. The odds are good that we can help you too!
Our mission is to serve your financial needs with the greatest amount of discretion, privacy, and confidentiality possible. We understand the delicate nature of financial dealings and respect you as a person. You’ll never know until you contact us. Call us today to learn more about life settlements and find out if you’re an ideal candidate.