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The term "life settlement" refers to the sale of a life insurance policy by a senior---age 65 or older---while the person is still alive. Sometimes called a "senior settlement," it can be a useful tool for funding retirement. If the primary reason you purchased the life insurance policy has changed, such as providing for your minor children in the event of your premature death, selling your policy will provide money for your retirement and you will no longer have to pay the premiums for the policy. Although a settlement will be less than the face value of your policy, it will invariably be much more than your policy's cash surrender value. The agent who sold you the policy should be able to assist you with questions about making a life settlement, or refer you to a qualified life settlement broker. A qualified life settlement broker can assist you in finding the best deal for your life insurance settlement--that is, sell it to the person or company who will pay you the most for the policy. State regulations vary widely regarding life settlements. Always used a license professional--insurance agent, attorney, certified public accountant--to assist you. TheVoiceoftheIndustry.com: Life Insurance Settlement Association InvestmentNews.com: Life settlement disclosure sticking point for advisers New York State Insurance Department: Life Insurance - Top Ten QuestionsChange of Life Circumstance
Settlement Versus Cash Surrender Value
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