There are many things to consider when planning for retirement. One of the biggest of those things is money. Where will it come from? How will you make ends meet without the security of a full-time job?
Most people begin planning for retirement well in advance with personal savings accounts, 401k’s, pension plans, IRAs, and more. But what most people don’t plan for are unexpected events such as increasing healthcare costs, illness, and debt. Did you know that you have options for securing funds to utilize in retirement?
Instead of tapping into your social security or taking out a reverse mortgage, consider this alternative: Get a life settlement.
A life settlement is a process of selling your life insurance policy to a licensed life settlement provider. When you sell your life insurance policy, you receive a cash settlement from the buyer, and you are no longer responsible for paying those expensive monthly premiums. Though this is a lesser-known option for funding a portion of your retirement, it is an easy process and there are only a few basic requirements. Those requirements include your age and sex, your policy type and size, and your current health status and medical records.
The best part about getting a life settlement is that there are no restrictions on how to use your settlement money – it is yours to spend as you choose! If you have waited your entire life to go on a dream vacation to some far-off and exotic place, or if you wished that you could help put your grandchildren through school, a life settlement could provide you with the means to do so.
In some cases, when you sell your life insurance policy, you might be able to maintain a portion of your policy’s death benefit in addition to receiving cash for the policy. If you simply surrender your policy back to your insurance carrier, you would likely receive only a fraction of the amount of money you could receive from a life settlement (if anything at all!). Of course, discontinuing payment of your premiums and allowing your policy to lapse (cancel) will give you no money (or coverage) at all, so that is the least attractive of your options.
Some of the reasons to consider selling your life insurance policy for a life settlement are:
- Your premiums have become too expensive
- You no longer need the policy
- Your term policy is about to expire
- You need to cover medical expenses
- You’re looking to boost your retirement income
- You could use some extra money
Whatever the case may be, if this sounds like something that might interest you, consider giving Prosperity Life Settlements a call today to speak with a life settlement broker representative about your eligibility. With a quick phone call and a brief conversation, we can usually tell you right away if you pre-qualify for a life settlement, and you are under zero obligation to accept any settlement offers which may be presented to you.
You have worked hard your entire life. You have put your wants second to your needs for years. Isn’t it time you got something back?