Senior Financial Planning and Life Settlements
Life insurance settlements sell for less the longer an individual is anticipated to live. So, any senior with no health issues that wants to sell their life insurance policy will receive less money than a senior with terminal cancer or another disease that is likely to kill them very soon. Of course, there is no guarantee which of these senior citizens will live the longest, but the odds are in favor of the healthy individual. So, the closer a senior citizen can appear to death when negotiating will result in a higher payout. Another way senior citizens can go about financial planning is to buy a policy early on that is more than they can really afford but plan on selling it through a life insurance settlement down the road to get more money. Doing this results in a higher payout as well because the face value of the policy is higher.
There are a lot of things to consider when using a life insurance settlement to finance your golden years. But, it is one option and a good one at that for older individuals who need the money to live and aren’t worried about their beneficiaries after they are gone. For these folks life insurance settlements make good financial sense.
Life insurance settlements sell for less the longer an individual is anticipated to live. So, any senior with no health issues that wants to sell their life insurance policy will receive less money than a senior with terminal cancer or another disease that is likely to kill them very soon. Of course, there is no guarantee which of these senior citizens will live the longest, but the odds are in favor of the healthy individual. So, the closer a senior citizen can appear to death when negotiating will result in a higher payout. Another way senior citizens can go about financial planning is to buy a policy early on that is more than they can really afford but plan on selling it through a life insurance settlement down the road to get more money. Doing this results in a higher payout as well because the face value of the policy is higher.
There are a lot of things to consider when using a life insurance settlement to finance your golden years. But, it is one option and a good one at that for older individuals who need the money to live and aren’t worried about their beneficiaries after they are gone. For these folks life insurance settlements make good financial sense.
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