As we get older many of us find that our need for life insurance changes, sometimes to the point where we may let the policy lapse or cancel it. Very often the need for carrying life insurance may no longer exist as we get older and the cost of annual premiums can become a financial burden. If the policy has a cash surrender value we may take that, feeling good that we at least got something of value from our insurance. The thing with life insurance is that you take it out for someone other than your self, because it pays off only after your death.

Now there is a way that you can benefit from your life insurance policy - Life Insurance Settlements. Rather than cancelling the policy, or letting it lapse, you may be able to sell it and get significant value from it. For individuals 65 and older there are estimates that 20 percent of whole life policies may have a fair market value greater than the cash surrender value to your insurance company. Even term life policies, with no cash surrender value, may have a fair market value enabling you to recover some of the cash you paid into your policy over time.

Even life insurance policies for senior employees owned by businesses, like key man life insurance policies, paid for by the business, which are no longer needed because of age, retirement, mergers, acquisitions or are just no longer wanted by management, may be considered for Life Insurance Settlements.

Examples

• 71 year old man - $4 million face value whole life policy - $200,000 cash value - sold for $580,000
• 68 year old man - $3 million term life policy - sold for $232,000
• 84 year old woman - $1 million face value whole life policy - $50,000 cash value - sold for $232,000.
• 67 year old man - $6 million face value whole life policy - $250,000 cash value - sold for $1.2 million.

General Placement Parameters Needed to Qualify

Types of Policies That Qualify

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