Frequently asked questions and answer
Posted in the Top Stories Forum
Since: Jun 13
#1 Aug 22, 2013
What are some of the reason a person sells their policy?
Most people acquire life insurance early in their careers as a means of protecting their income and family in the event of an unexpected event. However, over time, changes in peoples circumstances often mean that individuals want access to the value locked-in their life insurance policy prior to their death. In the USA people are becoming increasingly aware that their life insurance policy may qualify for a Life Settlement. These changing circumstances could include the following:
The insured may have outlived the beneficiaries the policy was originally intended to protect.
Premiums may have become unaffordable and unless sold as a Life Settlement, the insured may have to let the policy lapse.
The insured may be financially secure and have no further need for the policy.
The insured may wish to make a gift of the monetary value of the policy while they are still alive.
The insured may sell the policy for estate planning purposes.
The insured is considering whether or not to lapse or surrender the policy, for its cash surrender value.
In circumstances where the alternative for the insured is to let the policy lapse and lose a potentially large portion of the premiums, which have been paid on the policy, a Life Settlement is an attractive option.
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