The has been a growing popularity of "Life Settlements". A Life Settlement provides the insured the ability to sell his/her policy, rather than letting it lapse. The policy is usually sold for more than the cash value. The purchaser of the policy becomes the owner and pays all future premiums.
The usual Life Settlement case involves an older individual that no longer needs or can't afford to continue making payments on his life insurance policy. The average premium is greater than $35,000 annually and the death benefit is over $750,000. In many instances the original life insurance policy was bought for a business purpose and no longer needed - perhaps part of a "Buy-Sell Arrangement" or "Key Man Policy".
The process usually takes several months to complete and there is a settlement process that is followed. Your financial advisor or CPA has most likely been exposed to this market. To discuss your confidential situation, contact the author Vincent Kody.
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