Life Settlements for the Elderly

If you’re a senior citizen and would like to sell your life insurance policy, a life settlement is a viable option. Policy holders can sell their plans to investors and receive a lot more money than if they cashed it in with the life insurance company. But before you race off to sell your policy, here are a few precautions you should consider to avoid falling into a bad trap.

Read the fine print. Take the time to inspect the life insurance settlements terms for hidden transaction fees and commissions.

Select a reputable company. To make sure that you are going with a legitimate company, check with your state insurance commissioner or the Financial Industry Regulatory Agency.

Wait as long as you can. The price of your life settlements investment could be much higher tomorrow.

Similar to reverse mortgages, life settlements can offer a practical way for the elderly and ill to tap into assets while they are still alive.