Life Settlements for Individuals

 

Life insurance is obtained for many reasons, including income replacement, estate planning, family protection etc. Whatever the case may be, the insurance had a purpose – that is why you bought it in the first place. Now, when that policy is no longer needed or you can’t afford the premiums or you don’t want the policy anymore, what happens to that policy? Or what happens when you have a term policy that you have no interest in converting to a permanent policy? Well it used to be that you had one of two options – surrender the policy or let the policy lapse.

 

As a policy owner, you now have the option and the right to know and explore other, more financially rewarding possibilities – and that is where life settlement comes in.  A life settlement allows the owner to sell the life insurance policy for a certain amount. The amount offered depends on a number of factors including age of the insured, cost of the policy, face amount, medical condition of the insured etc. This market for life insurance policies has created a viable opportunity for policies that fit the parameters. Despite its simplicity, a life insurance settlement may provide a significant amount of proceeds for a policy owner.  As your life settlement broker, Brookfield Partners will represent you in potentially procuring an offer for your policy.

 

A life insurance policy is often one of the most overlooked assets. Imagine, gaining a substantial, possibly life changing monetary offer for something you were about to let go. Regardless of what the motivator is, a life settlement should almost always be considered before surrendering a policy or allowing it to lapse. As an owner, you owe it to yourself to explore these options and see if your current situation falls under the general life settlement parameters.

 

Whether you have a term, universal life or whole life policy, call us today and find out if a life settlement may be right for you!