Tuesday, July 30, 2013

Why Sell Your Life Insurance Policy?

          As you go through Tuesday afternoon’s mail, you open medical bill after medical bill.  Your mind races as you try to calculate just how much you owe for your ongoing treatment of this life-threatening illness.  Even though you still hold a decent-paying job, you realize that you will be in debt for a long, long time; outside of finding more income, your back is against the ropes.  You take a gander at the last piece of mail lying on your table, and you notice a headline on the envelope regarding selling your life insurance policy.  You vaguely remember reading a news article about this topic several months back, but never thought anything of it at the time.  Now that your interest is piqued, you start to look into the possibilities of selling your policy; maybe there are some options out there after all?

          Hundreds of thousands of Americans face this same situation year after year – an illness with a severe cash shortage or inability to pay off their medical debt.  The main aspect of selling a life insurance policy that most people do not often realize is that they do have the legal grounds to sell their policy if they wish to do so.  Policies are rarely purchased unless they are from a person who is battling an illness, or a man or woman at the age of seventy-five and over. 





          In short, if you are suffering from an illness, or are later on in years, there is a good chance that selling your policy is feasible.  If you are asking yourself, “Can I sell my insurance policy for cash?”, the answer is yes if you meet the preceding conditions. This is an expanding market, and if you need cash, selling your life insurance policy is an excellent option to consider.

Monday, July 29, 2013

Senior Life Settlements: A Growing Market

As a person grows older, they may become strapped with debts and necessary payments. Perhaps a person has been diagnosed with a life-altering prognosis and needs help with medical bills, or a terminal patient wants to improve their quality of life. There are a variety of reasons someone may need financial help. That’s where senior life settlements come in.


In 1911, the Supreme Court case Grigsby v. Russell decided that a policy owner could transfer an insurance policy. This decision was immediately most popular with terminal patients, and it has been gaining traction with seniors recently. People can now transfer their no-longer-wanted life insurance to a third-party investor.

Selling a life insurance policy in a time of need may be a difficult decision to make, but it is one that makes a lot of sense and can benefit a person greatly. Among other reasons to sell, such as outliving beneficiaries, changes in tax law, or a no-longer affordable premium, a senior life settlement yields a reward that can deliver necessary aid to a person with growing debt. Selling a life insurance policy yields a reward that is higher than the cash value accrued, but lower than the face value, and the surprising amount of money can be a huge comfort. The peace of mind that can be provided, along with the much-needed money, is invaluable.

There are a variety of policy types that qualify including:
  • Term life insurance
  • Universal life insurance
  • Whole life insurance
  • Joint survivorship life insurance
  • Most group life insurance
  • And key-man life insurance.

These can all be sold for above their accrued cash value, and the money can help with medical bills or providing relief during illness.

Before, the only opportunities for opting out of a life insurance policy were letting the policy lapse, or taking the cash value that built up. A senior life settlement can yield a much higher return than either of these options, enough for medical bills, a higher level of comfort, or paying off debts, among other things. Selling life insurance can be very suitable for those who need the money for the end of their lives, or those who are looking for more comfort in sickness.


By deciding on a senior life settlement, a person can pay off some of the mounting medical bills that would otherwise be left to family members, or even make themselves more comfortable in a terminal case. This choice is becoming more and more popular. Talking to those who care can end in an equitable amount of money for a senior who needs it. 

Friday, July 19, 2013

How to Get the Best Financial Help for Cancer Patients

Cancer is one of the scariest words in the English language -- no one wants to hear that they have it or deal with the unexpected effects that the disease will have on their day-to-day existence. Once they have overcome the hurdle of finding out that they have a life-threatening illness, many people hope that the worst is over and that they can live out the rest of their lives in comfort, surrounded by the ones that they love.

But what if that wasn't true?

Cancer is a hard disease to deal with and most people who are undergoing treatments for it are unable to work. While insurance may cover some parts of care, it often doesn't cover all of them.

Without income and with treatments and medications draining a person's bank account, managing basic expenses, such as mortgage payments, food, and utilities, may become a serious struggle. And the last thing that individuals with serious illnesses need to be worrying about is whether or not they will be kicked out of their homes.

What do people do when they don't have the funds to keep paying for everyday costs and healthcare? While financial help for cancer patients can come in several forms, none is quite as useful or successful as a Life Settlement. These settlements are a way for people with life insurance policies of many types to sell their plans for a lump sum that can be used to pay for treatments and other life expenses.

Life Settlements are useful options because they provide more money than the cash surrender value of a policy would normally, though they do not pay the full net benefit.  Nonetheless, for people who need the money more immediately in order to handle expenditures, choosing a settlement can make an extraordinary difference in terms of their quality of life, both at present, and in the future.

Cancer patients who want to enjoy their time in comfort and security, but who may lack the means to do so, should investigate the possibility of selling their insurance policy for a Life Settlement. After all, a life insurance policy is an investment that people spend years building up -- if they can't rely on it when they need it the most, what's the point of having it?





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Friday, July 12, 2013

How Viatical Settlements can Help People with Life-threatening Illnesses



When most people imagine dealing with a life-threatening illness, they think of quiet time with family, peaceful settings, or maybe even jumping out of airplanes. What they don't want to think about is the possibility that they might be living poorly, unable to cover medical expenses or secure funding to set their affairs in order.

This scenario is something that no one wants to face and, thankfully, many don't have to. Viatical Settlements are becoming an increasingly common way to ensure the best care, the most exciting experiences, and the easy payment of common expenses.

What is a Viatical Settlement?

A Viatical Settlement is a way for those who have life-limiting illnesses to sell their life insurance policies for more than the cash surrender value, but less than the face value of the policy, the proceeds of which they would receive as a lump sum. There are many policy types that qualify, including Term, Universal, Whole Life Policies, and others, and the amount that one receives from the settlement is determined by the person's specific policy and situation.

Why Should I get a Viatical Settlement?

There are several reasons that people might want to get one of these settlements. For people who are in dire circumstances and can't afford the expense of treating a life-threatening illness or even the general cost of living, having access to funds can be the difference between comfort and pain during this critical time. Some people realize that they no longer need the coverage that they have or, because of their life circumstances, are unable to afford premiums any longer. For these people, getting the maximum benefit out of their policies can help them to live out their lives well.

How Can I Use my Settlement?

Once the policy has been sold and the money received, people can use the funds in whatever way that they want or need to. Whether they are looking for quality healthcare that they might not be able to otherwise afford, the trip of a lifetime accompanied by the most important people in their lives, or just trying to manage every day expenses, they can use the money to achieve their goals.


No one wants to struggle or suffer when they are already facing a difficult illness. Rather than forgoing the things that they want or doing without the care that they need, people should check out Viatical Settlements to see if they are the right choice for their unique circumstances.

 

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