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Life Insurance Policy
Stop! Don't let that life insurance policy lapse!
Many of you have life insurance which you have kept in force over the years or have parents in that situation. Sometimes, as we get older, we think that we no longer need life insurance and that it is not worth paying that premium every year. Maybe we consider letting the policy lapse. Don't do that.
There is a market for life insurance policies that few people are aware of. Some life insurance policies have cash surrender values that pay if the policy is given up. Frequently, the market for life insurance policies will pay more than the policy cash surrender value.
The market for life insurance policies is known by the term "Life Settlements." The market is best for males over age 72 and females over age 75. Also the market is good for individuals with household incomes of $2 million and above.
Some good reasons for wanting to sell your policy are:
- The premiums are burdensome
- Coverage is no longer required
- Business ownership has changed which makes the policy obsolete
- The key person in the business has left making the policy obsolete
- A new type of policy is wanted
- To provide funding for a gift to charity
- Change in estate tax laws or the value of your estate
- A need for cash
- Divorce
If any of these situations apply, or if you simply want to no longer own the life insurance, we can offer through our office a no cost appraisal of your life insurance policy and the value to you on the life settlement market as an alternative to letting the policy lapse or collecting its cash surrender value. If you choose to use this market, you will receive cash and have no future obligations for premiums. The money you receive can be used to fund gifts, invest, maintain a lifestyle, or purchase different types of insurance products.
If we can be of assistance to you or a loved one in evaluating a life settlement, please be sure to call.
Please complete the fields below if you'd like more information about Michael Wald, his areas of expertise and the ways he may be able to serve you.
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