Life & Viatical Settlements
A life settlement plan may be helpful if you have an old life insurance policy that you no longer need. Instead of just dropping it, you may be able to sell it to a viatical company.
Just as many of the newer life insurance plans allow you to take a significant portion of the death benefit while still living if you become terminally ill, chronically ill, or have a catastrophic illness; if you have an older plan without these living benefits, it may sometimes be helpful to sell your life insurance policy to a third party for a significant portion of the death benefit while still living so that you will have the additional funds necessary to help pay for such things as medical costs or long-term care if the death benefit is no longer needed. Such a move would need very careful consideration to be certain, after weighing all the factors, that such a move is truly in your best interest and that one is not merely solving one problem by creating another. There are some reliable companies that do this with integrity and in a responsible manner.
In addition, if you truly do not need your life insurance any longer, instead of simply letting it lapse or cashing it in, it may be possible to sell your policy to a life settlement company. If approved, the settlement company would give you a percentage of the death benefit amount plus any cash surrender value and dividends. Such a move should first involve careful consideration of all the ramifications to make certain that it is truly in your best interest. We can help you make this determination.