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The Life Settlement market has evolved over the last 20 years into a well-regulated and mainstream market. Today, it is a financial option for life policy owners that should always be considered to rescue policies for seniors if they are no longer needed or can no longer afford to keep them in-force. Many people don’t realize that their death benefit can be exchanged for living benefits that can help them address financial challenges brought on by retirement, declining health, or long-term care needs. When a policy owner is considering lapsing or surrendering a policy or struggling with financial concerns brought on by aging and health, the life settlement market should always be considered as an alternative.
What are some of the options that a life policy owner could consider exchanging their death benefit for a new living benefit?
- A life insurance policy can be settled for a lump-sum cash payment that the policy owner can then use without any restrictions to address their financial needs. Instead of abandoning a policy after years of making premium payments, the owner could receive significant value, which often runs 5-10X greater than cash value if there is any, for their asset.
- A life insurance policy can be settled for a long-term care benefit account. This trust-bank account is set up to protect and manage the funds from the long-term care life settlement specifically to make monthly payments towards any form of senior living and long-term care services the owner wants. This is a tax-advantaged account making tax-free payments towards care and if the insured passes away before the funds in the account are spent-down, any remaining balance will transfer to the named account beneficiaries.
- A life insurance policy can be settled for other financial vehicles such as an annuity. If a policy owner’s concern is outliving their money then enrolling in an Annuity would be a solution to ensure a guaranteed lifetime income stream. This is a tax-advantaged option to help protect and manage funds to augment a senior’s retirement income and help with the expensive costs of health care and long-term care.
- A life insurance policy can be settled for a reduced, paid-up death benefit to continue financial protection for a family. This allows a policy owner who can no longer afford to pay premiums the chance to keep a portion of their death benefit without making any future premium payments. For a policy owner still in need of death benefit protection, this is an ideal option instead of lapsing or surrendering their policy after years premium payments.
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You may consider alternative ways to pay for long term care, like selling your life insurance policy.
