(3 minute Read)
When you reach retirement age, you probably envision yourself having a lot of fun. Be it trips to the beach or traveling to the Grand Canyon, your retirement should be all about getting the most out of life. For many people, however, retirement means stressing about money. Health issues and economic downturns can shatter one’s retirement dreams and force retirees to live on a meager fixed income.
Did you know you can sell all or a portion of your life insurance policy, even term insurance? If you have a life insurance policy that you no longer want or need, a life settlement can help you get your golden years back on track.
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There are two huge benefits to a life settlement for a senior. The first one is pretty basic: a lump sum of cash that you can use for travel, defraying the cost of a health issue, or simply paying bills. Many people rely on Social Security to live, and it can be tremendously helpful, but the cost of living is going up. While the Social Security Administration does account for that, it does so minimally. So, for those who count on a Social Security check to pay monthly bills, a life settlement can help make ends meet and more.
Life is also unpredictable. You never know when your house might need a major repair or your family might need a little extra financial help. Having money that you can easily access in your bank account can help waylay the stress of problems that may arise in the future. Knowing that you are financially secure can make life much less stressful, so with more money in your pockets you can spend your time laying on a beach somewhere and avoid lying awake at night worrying about money.
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The other giant benefit of a life settlement for a senior is that you can rid yourself of your regular life insurance premium payments. Monthly bills add up and having one less would be tremendously helpful for anyone, let alone someone living on a fixed income. It makes sense to cash in your life insurance policy if you don’t need it anymore and can’t afford your monthly premium in order to get cash in hand that can be spent on anything you might need it for. This is especially handy as health care out-of-pocket expenses are on the rise. So, saving money where you can is the smart move.
It’s hard to say exactly what you’ll be qualified for until you finish the application process, but it can help give you an idea of how much a life settlement can help. Check out our life settlement calculator to get a preliminary glimpse at whether a life settlement is right for you. As always we want to help you make the most of your retirement and sometimes a cash infusion is what it takes. Whether you want to get some money now or save money in the future contact us and we can help you figure out how you can maximize your retirement.
Case Study: Jim and Betty just celebrated their 50th wedding anniversary. Jim has been battling Alzheimer’s for the past 2 years. Last year Betty hired an in-home caregiver to help with Jim’s care. Betty is concerned about the mounting expenses so she sold Jim’s life insurance policy and used the proceeds to pay off a few medical bills and pay for the in-home care for Jim.
Life Settlement Advisors