Life Settlements are becoming commonplace.

Life Settlements are becoming commonplace. Why? Because a life settlement, can give a policyholder the option to convert an unwanted life insurance policy into a lump sum settlement instead of lapsing the policy or surrendering the policy for its current surrender value.

Today’s policy owner’s can sell their life insurance policy in the secondary life insurance market to the highest bidder. Most often, the offers received may be significantly higher than the current policy surrender value.

Say, you no longer need your life insurance policy and would like to surrender the policy for its cash value. Instead consider, taking your policy to a life settlement broker and go through the easy process of selling your policy. A Life Settlement is the sale to a third party of an existing life insurance policy for more than its cash surrender value but less than its net death benefit. A Life Settlement refers to a transaction involving an insured that is generally over the age of sixty-five (65). The value of a life insurance policy is determined by a number of factors, including, but not limited to, the age and medical condition of the insured, type of insurance policy, rating of the issuing insurance company and amount of premium payments to keep the life insurance policy in force. Most types of life insurance policies can qualify, however, the most common are Universal Life, Whole Life, and convertible Term Life and there are no restrictions on use of the funds – the money is yours to spend as you like.