Typically, the best way to sell your life insurance is to opt for a life settlement. Life settlements are a means of selling your life insurance policy that is regulated by individual states. There is no standardized commission structure, which means that the money you receive for selling your policy can vary quite a bit.
Life settlements are a great option for life insurance policyholders who no longer need them - or simply would like to exchange them for a fair monetary value. If you’re interested in receiving a settlement, it’s very likely that you’d like to receive the maximum payout possible for your policy. In this blog, we’ll define and explain multiple factors that may increase the value of your life settlement.
Life settlements can be a complicated industry to understand for those new to the practice. However, the number of life insurance policies nationwide continues to grow year after year. According to PolicyGenius, about 54% of Americans are currently holding policies. For this reason, it’s important to understand what your options are pertaining to life settlements and how to explain it to a family member or loved one without a policy.
Many misconceptions exist about the life insurance industry, as well as life settlements. According to a 2021 study performed by PolicyGenius, just over half of Americans currently hold some form of life insurance. With the majority of the population taking up this investment, it’s important that policyholders understand all of their options as it pertains to the matter. In this blog, we’ll highlight some of the most common myths associated with life insurance and settlements.
Life insurance is purchased with the purpose of providing financial security for your loved ones in the event you are no longer around to provide for them. The primary purpose of a life insurance policy is to furnish a steady stream of income for your family when you pass. This amount of money can also be used to pay off any medical bills from treatments you might have received. There are many times that this stream of money needs to last for a lifetime. Life insurance is an elective that many people are provided an option through their work - similar to health insurance. However, if it is not offered to you there are many organizations you can purchase life insurance through.
Do you have a life insurance policy that you’re about to let lapse? Maybe you’re thinking about surrendering the policy for its cash value. Are you 65 years or older?
The State of Florida, which has the highest percentage of residents over the age of 65 of any state in the U.S., just passed an important piece of legislation that will hopefully encourage other states to increase consumer disclosure requirements to protect seniors who are considering making changes to a life insurance policy.
(BPT) – Retirement is the time in your life when you can throw off the shackles of your daily responsibilities and truly enjoy the fruits of everything you spent years working toward. It’s an empowering feeling and you’ve earned it. You’ve planned and you’ve saved, but now that you’re here, don’t make the mistake of believing your financial planning is over.