As the name suggest senior settlement is a very popular procedure in which the senior citizens can go ahead and sell their unused or unclaimed life insurance policies. Now you might wonder why a person would want to sell his life insurance policy. This could be because he no longer is able to maintain the [...]
As the name suggest senior settlement is a very popular procedure in which the senior citizens can go ahead and sell their unused or unclaimed life insurance policies. Now you might wonder why a person would want to sell his life insurance policy. This could be because he no longer is able to maintain the payment of the premiums or he wants to get some cash handy for the business opportunity that he wants to invest in. He might also want to invest in the stock market. The cash that he receives in hand he could use to put it in a retirement plan for himself or pay off his debts and loans rather than wait for interest to mount further.
In the years to come senior citizens can sell their insurance policy to a third party who will then be responsible for all the payments that need to be made henceforth. Also, he will be able to receive the cash and meet his other necessary expenditure as he feels so.
In order to avail of this option there are some conditions to be met. These are:
* The policy owner must be at least 65 years old
* He must have a life expectancy of less than 15 years
* The policy value must be at least $100,000
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