Special Options for Senior Citizens

Insurance policies can get very expensive as we age. Income is also often substantially lower after retirement. In addition, in many cases the beneficiary of a life insurance policy has passed away or no longer needs the money. Because of this, many Senior Citizens let their policies lapse. However, in the last few years more and more Senior Citizens, particularly those with term insurance, are choosing a Life Settlement (or Senior Settlement) option, rather than letting their policies lapse. In addition to the premium savings, settlement proceeds can be used for:

• Purchasing Long Term Care Insurance, which is more valuable than life insurance for many Senior Citizens
• Replacing retirement funds that were lost as a result of the bad economy
• Improving quality of life – including better residences, care, and facilities
• Traveling and enjoying their retirement years in comfort and dignity
• Donating the money to a charity and being able to see and enjoy the affects of their donations

Unlike Viatical Settlements, a perfectly healthy Senior Citizen can qualify for a Senior Settlement. However, as a general rule, the younger and healthier you are, the lower your settlement amount will be. Depending on your age, health status, annual premium, and life expectancy a Senior Settlement can be anywhere from 10-85%.

To see if you qualify for a Senior Settlement, Click Here!