As people age and their circumstances change, many wonder: When is the right time to stop paying life insurance premiums? The decision should not be taken lightly, and there are many factors to consider before moving forward with this process. The reality is, many people can no longer afford the premiums. Sometimes, the life
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Letting go of a life insurance policy that you no longer need or can’t afford is a bittersweet process. Once it’s gone, you’re no longer burdened with it, but what about all the premium payments you’ve invested into the policy over the years? If you choose to let the policy lapse or surrender it, you’ll
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As you grow older and your circumstances evolve, your needs change. Your life insurance policy needs are no exception. At some point, you may realize you no longer need the safety net your policy provides, or you may no longer be able to afford to pay its increasingly high premium. Fortunately, you can adapt to
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New factors have sparked among the life settlement market regarding investors and consumers alike showing rising interest. Reaching the age of 71, are the oldest of Baby Boomers, which brings them to or near retirement and closer to the sweet spot age for life settlements. As this age group begins and continues to retire, the
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After Donna Horowitz, senior editor of “The Life Settlements Report” published by The Deal, investigated consumer complaints filed with state regulators regarding life settlement transactions, her findings were interestingly not what you would expect to hear about complaints. Following her review of The National Association of Insurance Commissioners’ database and subsequent follow-up with individual state
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Over the last for decades, life insurance has endured countless changes. This means that if you’re helping seniors with their financials, an analysis of the FMV of all their assets is essential, and that includes life insurance. The value of life insurance could exceed that value of any other property your client owns. But ironically,
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In past years, the premiums shown to a customer when they were sold a policy would stay the same while the policy was in force because insurance companies wanted their confidence. This was a point of pride for the insurance company and this basic promise between the insurer and consumer promoted life insurance products as
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Did you know ninety percent of seniors who lapsed a life insurance policy would’ve considered a life settlement if they’d been aware of that option? Yet 65 percent of financial advisors have never recommended a life settlement to a client. However, they say they would do so under the right circumstances. More than $100 billion
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Every year, more than 710,000 life insurance policies are surrendered by seniors older than 70. Many due to the fact that seniors think this is their only option. If you combined the face value of these policies, they would amount to over $57 billion. Here are 5 alternatives that are more beneficial than just surrendering
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Because life insurance is personal property, it can be sold just like any other piece of property you would own. Selling your life insurance policy to a third party gives you more cash versus surrendering it to the insurance company, but this value is less than the death benefit amount. The buyer of the policy
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