Life Settlement Plans: Older Life Insurance Policies May Still Have Value
Many people may not realize that many of the older life insurance policies they have could be worth money - if handled in the right way. Instead of simply cashing in your older policies for whatever cash value they may be worth (which usually represents only a very small percentage of what you've paid in), many people are starting to make use of what's called a life settlement plan. Because many older policies may not cover you as well as you'd like now, you may find that it makes more sense to get clear of the old plan by selling it to a third party in a life settlement plan.
Find the life insurance plan that's right for you >>
Most life settlement plans will garner policy holders more than the cash surrender value of the policy, but less than the death benefit payout. The policy is actually treated like an asset in your financial portfolio. You would receive a lump sum payment for the policy that you can use in any way you like. This third party, purchasing the policy thus becomes the beneficiary of this particular life insurance policy.
The Best Way to Retain the Value of Your Life Insurance Policy
Many consumers wanting to get out of older policies simply let them lapse by stopping the payments. An astonishing 85% of all life insurance policies lapse without any death benefit being paid, simply because the policyholder stopped making payments. Selling your old life insurance policies in a life settlement plan may be the best way to free up the most value from the payments you've paid into the policy over the years. You can then take out a better policy for yourself with the proceeds.
The number of life settlement policies is growing very fast. Analysts predict that this segment of the insurance industry will grow to $161 billion by 2030 in the U.S. alone. This will make for a very competitive sector of the industry which should prove beneficial to consumers. Save money by asking your life insurance provider about the benefits of a life settlement for your old policy.
Ready to buy a life insurance policy? Request your quote now >>
http://www.marketwire.com/press-release/Golden-Gateway-Financial-994587.html
http://www.selectlife.net/Articles/LifeSettlement/Reconnect.pdf