Have you ever dreamed of finding forgotten treasure in your attic? Some nondescript item that you never saw any significant value in, suddenly brings money into your life, just when you needed it most. You may actually have such an asset in a drawer or document box somewhere and not realize it. Your life insurance policy may be worth far more than you could imagine, and an insurance policy appraisal may be your ticket to financial freedom.

If you’re a senior with an existing life insurance policy that you don’t really need any more, and it’s drawing much needed cash from you each month in order to pay the premiums there’s an ideal solution waiting for you. You just may not know it yet.

Do you have an exit strategy for your life insurance policy?

When you reach the time of your life when your life insurance policy may no longer be needed, as it has become irrelevant to your family’s current situation, or perhaps it is draining too much from you in the way of monthly premiums, what kind of exit strategy do you have to get clear of it? For most people, the answer is “none”. American seniors end up surrendering life insurance policies valued over $100 billion every year. The worst choice is to simply stop paying premiums, in which case, they get nothing back for all those years of paying into the plan. The next to worst option is to surrender the policy for a cash settlement determined by the initial policy issuer, and that will no doubt be a fraction of what the policy could potentially be worth.

Few policyholders and surprisingly few professional financial advisors know that your unneeded life insurance policy could still be worth substantially more than the issuer is willing to offer. The insurance professionals at Life Insurance Settlements Inc. can help you learn the truth about your life insurance policy. We’ll conduct an appraisal on your policy and give you an estimate of what its potential value could be if you choose to pursue a life settlement. 

Life Settlement Process: Knowledge truly is power

Knowledge is power, and you need to know the facts about your policy and what you could realize through the life settlement process. 

Seniors at the time of retirement need every resource they can get access to. An old life insurance policy that no longer fits their needs and is a drain on their resources because of monthly premiums may yield extra money they could take advantage of. If your financial adviser is not alerting you to this avenue, he or she may be failing in their fiduciary responsibility to you, the client. This has been deemed to be an act of malpractice in court in the past. 

Put your old policy up for bids. 

A life settlement is rather simple: your unneeded life insurance policy is actually a valuable asset that can be sold in a specialized marketplace. The highest bidder then buys the policy and eventually receives the payout. But that winning bid, which goes to the former policyholder, will likely be several times the amount that the issuing insurance company would be willing to offer as a cash buyout.

This process is completely legal. It’s tightly regulated by state legislatures across the country. And the tax ramifications are few, as only a “profit” can be taxed.

As a senior during a financially delicate time of your life, this can be a significant benefit. If you’re facing financial uncertainty in your coming retirement, or lack funds for much needed healthcare, maintaining your home, easing your debt burden, helping out family members, or a host of other needs, this can be a windfall. 

Talk to us at Life Insurance Settlements Inc. and we’ll arrange for an appraisal of your life insurance policy and guide you through the life settlement process. You’ll be glad you did.

Rob HaynieFebruary 2, 2022

Rob Haynie

Mr. Haynie has been a major influence on the evolution of the life settlement industry during his almost twenty-seven year career of proactive involvement. Not only has he been directly involved in negotiating and settling several thousand contracts, he also presently serves on the board of directors of the Life Insurance Settlement Association (LISA) and is a charter member of the Association’s PPC committee, which is charged with the regulatory and legislative activities of the industry. Additionally, he has served on both the Customer Advisory Board (CAB) of ITM/TwentyFirst Services and the Advisory Board of the Insurance Studies Institute (ISI). He was named one of the top 10 most influential people in the life settlement industry worldwide. Mr. Haynie, an Alumnus of Florida State University, currently holds a Life Agent License with Viatical Settlement Broker Appointment for LIS and has spoken at almost every life settlement industry meeting or conference, published articles on the subject and has given many educational webinars as well.

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