Senior Life SettlementsA senior life settlement or life settlement is the sale of an existing life insurance policy in which the funds generated are greater than the policy's surrender value. Selling the life insurance policy can be of use when your original financial planning needs have altered and you do not wish to continue paying the future insurance premiums. Different buyers have different requirements. Some may require that you actuarial life expectancy is 3 to 10 years and you do not have a life threatening illness. Often you must be over a certain age, perhaps 65. Your policy may be required to have a minimum face value, perhaps $250,000 to 300,000. The insurer will often have to be an "A" rated carrier. |
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