As a life insurance policy senior, you might have heard about life settlements. In a life settlement, you sell your policy to an investor for a one-off payment, transferring your rights to the new holder.
So, is it a great idea for you? Well, the perfect time to sell your life insurance policy is usually during or nearing retirement, after 65 years. That’s because you get to maximize your benefits.
That said, let us now take a closer look at the benefits of Abacus Life settlements:
You Enjoy Financial Flexibility
As a senior, you might realize that a life insurance policy is no longer necessary or practical. A life settlement can unlock a considerable lump sum, giving you much financial flexibility. This means you can now accommodate any expenses thrown your way, for example, medical costs, debts, and more, without being strained.
You Receive a Higher Payout
In most cases, the life settlement payout is higher than your policy’s surrender value, which your insurance company is ready to give you if you forfeit. As such, you can negotiate a more substantial amount of cash upfront instead of surrendering your policy to the insurance for a significantly lower amount.
You Avoid Making More Premium Payments
After selling your life insurance via a life settlement, the responsibility of paying subsequent premiums is passed on to the new owner. Effectively, you are relieved of any financial responsibility of making payments. If you rely on a fixed income for your upkeep, getting future premiums off your plate allows you to do much more with your newfound extra cash.
You Have More Choices in Your Life
One of the key ingredients for a happy life is having the freedom to choose and control your life as you deem fit. When you go for a life settlement, you get a lump sum of cash that can allow you to take charge of many things in your life.
You will have complete autonomy on how to lead your life and what to do, especially regarding financial matters. You can invest, save, settle financial responsibilities, support your family, or travel.
You Avoid Unnecessary Policies
As you go through life, you might discover that your life insurance policy has outlived its initial purpose. For instance, your kids might have done well for themselves and are financially independent. Or they might have acquired adequate assets to cover their financial needs. When this happens, a life insurance policy is no longer necessary. Pursuing a life settlement is sensible as it will unlock your policy’s funds, making them available to use as you deem fit.
You Significantly Improve Your Life’s Quality
Because a life settlement allows you to receive a lump sum of cash, it provides liquidity that can significantly improve the quality of your life. If nothing else, it will eliminate financial troubles, a considerable burden during one’s senior years.
Pursue Abacus Life Settlements to Unlock These Benefits
If you have a life insurance policy that no longer serves you accordingly, you might want to consider getting a life settlement. You will receive a lump sum that will enhance your life and give you peace of mind. So, consult your life settlement provider today to know how much you can get.