- 72 hour eeg cpt code and billing - August 12, 2023
- Weight Loss Medical Doctor that does injections - February 4, 2023
- Digital Therapeutics Company - February 1, 2023
Four things every life insurance policy owner needs to know about their policy
Nine out of ten life insurance policies are in danger of being abandoned before paying out a death benefit. This means the owners of these policies will pay premiums for years but will most likely abandon their policy getting little to nothing back in return.
Seniors own over $230 billion of death benefit that on an annual basis could potentially qualify for a life settlement– but too few of them realize this option is available to them. Should seniors abandon one of their most valuable assets like this? The answer is no. After years of premium payments they should no sooner abandon their policy than they would abandon their home after years of mortgage payments.
The owner of a life insurance policy should always look to the life settlement market to find out what the actual re-sale value of their policy is before they would lapse or surrender it after years of making premium payments.
So here are 4 things every policy owner needs to know about life insurance
- 90% of life insurance policies are in danger of being lapsed or surrendered by the policy owner after years of making premium payments. Once a policy is abandoned the insurance company keeps all your premiums and does not ever have to pay you anything.
- Life insurance is legally recognized as an asset and personal property just like a home. After years of making mortgage payments on your home would you one day leave without selling it? Of course not, and after years of making premiums payments you should not abandon a policy without looking into selling it first too!
- Life Settlements are a growing financial option for seniors that are specifically designed to give them higher value for their policy the older or sicker they are. People are seeing TV commercials every day and there was $4.4 billion of life settlements last year helping thousands of seniors across the county.
- Life Settlements can pay out 7-10x more than cash value on average and the range of value for a life settlement is between 10%-65% of the death benefit paid out as a lump sum of cash. The process takes about 60-90 days, and there is never any cost or obligation to do a life settlement.
Taking advantage of the life settlement value of a life insurance policy is a much better strategy than lapse or surrender. Once a policy has been settled, the value can be used to increase income, estate preservation, delay liquidating investments and assets, and it can protect a family from being financially ruined by the high costs of long-term care.
