CASH FOR LIFE INSURANCE POLICY

Life settlements allow a life policy holder, in most cases 65 years and older, to obtain cash for unwanted or unaffordable policies. At some point many seniors find that they need cash for living expenses instead of their existing policies.

Below are real cases:

Term Life Insurance:



1. A 66-year-old man had a term insurance policy that was reaching the end of its term. He sold the policy for $75,000. He was on the verge of walking away with nothing as most people do because THEY DO NOT KNOW THAT THEY HAVE THIS OPTION.

2.  A 72-year-old woman with multiple sclerosis had a $150,000 term policy that she didn't need anymore but needed the money for her care needs. The product was marketed for $25,000 giving her the financial cushion she needed.

3. A 78-year-old man with cancer had a $250,000 term policy and didn't need the policy because the house was paid off. The opening offer for the policy was $15,000. By using a good life settlements broker who marketed the policy, he eventually sold it for $128,500.

Universal Life insurance:

4. A client with a $200,000 universal life policy with $600 cash in it. The client didn't need it anymore and didn't want to put anymore money in it. So instead of surrendering the policy for $600 she cashed a check for $95,000 for selling the policy.

5. A 62-year-old had a $1.6 million universal life policy. The family did not need the life insurance and he wanted to buy a ranch. He sold the policy for $350,000 (the opening offer was $125,000).