Most advisors would agree that life insurance should be kept in place. However as circumstances change, so do insurance needs and it is a good idea to consider your options.
Typical candidates for a life settlement are people who may have amassed sufficient capital to self insure and don't need to protect their wealth with traditional life insurance. These candidates may find that it is beneficial to donate your life insurance to a charity or Alma Matter and have a wing of a hospital or hall named after them.
Other circumstances may be the death of the primary beneficiary where you no longer need to provide for their living expenses. Divorce or a change in health fits the bill of a "change in insurable needs". If your policy is lapsing or your are considering accepting the face surrender value, you should definitely inquire. On the other hand you may need the cash for a new (more efficient) policy, for long term care or other unanticipated expense. A liquidation of assets due to a bankruptcy may trigger a need to review. Corporations may have obsolete policies on retired executives or there may be a change in ownership of a firm.
All of these circumstances are legitimate reasons to consider cashing out your life insurance policy now. After all, you can't take it with you.
How much would I get?
How does it work?
$13 billion in life policies have already been settled.
The life settlement industry is expected to grow to $160 billion over the next decade.
A life settlement can be a painless transaction if you do your homework in advance.
Be informed of common myths and red herrings so that you can sidestep common pitfalls when discussing your policy. Most importantly understand when it is prudent to consider settling. Review the typical profile of a settlement candidate and ask yourself if you fit the profile.
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How much would I get?
Find out if you may qualify to settle - Safe Third Party Link
