To take a look at a possible life settlement in the right way you need to go to someone who will broker your life settlement with your best interests in mind
You need to consider: "Will it truly be most advantageous to sell my life insurance, or will it be the best thing for everyone involved just to keep my current coverage?"
Really we need to first give some sort of explanation of what a "life settlement" is..
To create a "life settlement" is to go through the process of selling your insurance policy to another company for more money than your current insurancer is willing to give you for what they consider it's current cash value
- usually we are talking an amount that is 3 or 4 times the amount that you could cash-out with your current company.
Exactly how is it that this life settlement process works, and why does it work?
Here's how it works:
With pretty much all forms of life insurance policies, what you essentially have is a death benefit that goes to your designated recipients at the time of your death
- death benefits most often tend to be quite substantial, but as a fact of life (so to speak) you the policy holder can't personally take advantage of this substantial payout.
Nevertheless, you may well establish after calculating everything involved that the family/loved ones/beneficiaries designated with your current policy will still be ok if they do NOT receive the death benefit of your current life insurance policy,
then there are companies ready and willing to buy your policy, pay you a cash sum, and keep making the payments on the policy until the time of your demise.
What is the inducement for a company to go through this process, to make an investment like this?
As a matter of fact, if you make the decision to go the life settlement route, it can be a process that works out really well for you and everyone involved - a true win-win deal.
The company who made the investment in your insurance policy gets the lump sum death benefit when you "release the mortal coil",
and you in turn recieive a smaller (but still substantial) amount due to the fact that you elected to make a life settlement and receive your money while you are still living.
Can you think of why you might aim to get a big sum of money as soon as possible?
There's lots of reasons why you might consider doing just that - and here's just a few:
Conceivably you may well determine that you most likely are going to keep on living quite longer than you originally thought, and you decide also that it is really all for the best to invest the funds you will receive and also the payments you would have been paying for the life insurance policy into a long term care policy that has the tremendous advantage of providing for all your needs later in life,
instead of trying to eke by with your current lifestyle that is part of the "life insurance" mindset. This is a viable alternative that has tremendous potential to improve your life here and now.
As another route, perhaps you instead decide that the most prudent route would be to take the lump sum of money from your life settlement and invest in an annuity policy that is designed to provide you with a good amount of income for your remaining life span (what you may have as a current life insurance policy, no matter what form it may take, only pays a death benefit).
Let's look at yet another sound motivation to engage the services of a life settlement broker:
You the insured (or it could be another member of your family, anyone that has a life insurance policy) have just about decided that you are going to let that life insurance policy that you've been paying on for years go
- you or that other family member are just going to quit making payments, let it lapse, for the reason that you just don't see what it can do for you anymore - well here's a word for you: DON'T!!
In lieu of letting the whole thing go there is now an alternative for you or for whomever this may apply to by seeking professional help and going through the life settlement process in its' entirety.
If you or your loved one simply lets the policy go in this manner, well then there is only one organization left that will be happy about that "decision" and that is the life insurance firm, who now in essence has received all those payments for years, for free.
- that's one of the main reasons why you should seriously consider going to a life settlement broker that has your best interests in mind, ideally a broker who doesn't just specialize in life settlements but also is well-versed in many other forms of insurance.
you may actually decide it is best for all at this time to keep your existing policy
- you will not truly be informed until all the different elements involved are sifted and considered in such a way that is to your best advantage - after all, you originally bought your policy to help take care of people you love.
A qualified life settlement broker who's also an expert at life insurance is used to having to talk about subjects that we all would rather not talk about, such as the fact that our demise will eventually occur, not "if" this will happen, and where the funds should be disbursed when ths event occurs.
As a matter of fact your life settlement broker/insurance maven can be the source of guidance for the additional considerations mentioned above:: long term care insurance and annuity insurance.
and every one of us truly need to give due consideration to further options that may have the result of further enhancing our longer life spans,, especially if it looks like we are going to continue on for quite some time.
And speaking of continuing on and living longer, that's a big motivation for the reason why more and more people are taking into serious consideration the life settlement alternative
- hey having a big chunk of cash for our further options,
to simply and realistically have more options and ways to go with our lives,
rather than simply carrying on with this doleful "demise benefit" insurance - how does that sound to you?
This is an exciting alternative that lots of folks are taking advantage of right now.
Tom Shelton has been a CLU (College of Life Underwriters) for over 40 years and is a Chartered Financial Consultant.
For discovering the best insurance alternatives for your life contact Tom Shelton today- to get a real professional with over 40 years experience in the insurance field and who truly has you and your family's future and best interests at heart then reach for your better future and contact Tom Shelton C.L.U. life settlement broker today.
