Thursday, November 27, 2008

When is it Time For a Life Settlement?

Times aren't looking good. The economy is in shambles. Families are in shambles. The cost of living is increasing every single day and our pockets are emptied than they have been in a long time. For the elderly these times are even harder for than most in our great country. With more medical expenses and hospital stays to take care of, less and less money can be put towards basics needs like food and housing.

We are living in a country in which we must work until we can no longer, but then what? One solution to this problem that many seniors are turning to is selling their life insurance policies in a life settlement.

Life Settlements

Sell my life insurance policy? Are you crazy? No. Selling your life insurance policy is becoming a very common thing in today's world. When a person no longer has any dependents that would benefit from the money payout, the money from the life insurance will be wasted if it is not used by the policy holder. Life insurance is really only useful for people who are married and have a spouse that needs money after your gone, children who will need your support, and other than that, you do not need life insurance. However, because so many people do buy it, especially when they are young and starting a family, it is a great emergency fund for you in a time of need.

If your time of need is now, selling your life insurance policy is a great option.

How does it work?

First you need to do a lot of research to see how much your policy is worth. Although most policies are worth somewhere between $100,000 and $150,000, you probably won't get this amount in your life settlement. Because you are getting a lump sum of money, the investor takes out a percentage for the service of giving out cash. When you die they will receive the money from the life insurance policy.

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