What Is a Life Settlement?
Life settlements can allow policy owners to sell life insurance policies that no longer meet their needs. Often times that amount is substantial; a recent study suggests that policy owners were receiving more than their cash value or up to 30% of their death benefit.
Why Would I Sell My Insurance Policy?
Policy owners can find themselves wanting to use their benefits in their remaining years. The proceeds are typically used to:
- Pay down debt
- Fund healthcare or long-term care
- Enhance retirement
- Support charitable causes
- Desire to halt remaining premium payments
- Subsidize other lifestyle or business needs
Should I Consider a Life Settlement?
While there are exceptions to every rule, the typical candidate for a life settlement is someone over the age of 70 with a life insurance policy of $500,000 or more. All types of life insurance, including term, may have a hidden value. If you have a policy you no longer need, want or afford, having that policy assessed is the next logical step. In many cases, there are even options to retain some of your death benefit without having to pay any future premiums.
Kelleher & Buckley, LLC works with life settlement advisers who can provide a complimentary assessment. Contact Andrew Kelleher, David Buckley, Bob Holland or Linda Fine, or one of our 20+ attorneys at (847) 382-9130 to find out what your policy may really be worth.