I’m sure all of us can look up from this computer screen, scan the room and find at least one thing we ended up buying or picking up that we really didn’t need. That really expensive candelabra you found at a garage sale and never used, or that book (or shelf of books) that you bought vowing you’d find time to read but never have…
Regardless, you are stuck with it now and have to continue to make the necessary efforts of upkeep. Polish the candelabra, dust the books, and maybe…life insurance premiums? If one were to add to the famous quote attributed to Reagan, “only three things remains absolutely certain in this life – death, taxes, and life insurance premiums”. However, unlike the other two, there is a way out of this one.
For many in retirement, budgeting is a necessity, and consistent life insurance premiums can grow to be a costly burden indeed. However, there is a way to stop your life insurance premiums, have a lump sum settlement without the need of your death, and you can end up still leaving an inheritance to your heirs. This is a process called “Life Settlements”. If you are over the age of 75, or if you are diagnosed with a terminal illness (preferably the former), and have at least a $100K Policy, you are able to sell your life insurance policy for a lump sum, making the settlement company the new owner/beneficiary, and therefore responsible for the continuing payments. A recent example was this: an individual had a $1 Million Life Insurance policy, and is now walking away with over $700K, with the company being the new beneficiary for the $1 Million dollar policy. Of course it seems like the company is the winner, but the individual could end up living another 15-20 years. An extra 3/4ths of a million dollars could really come in handy right now, especially when it comes to the competition for best grandparent with the grandchildren. Incredible memories, trips, gifts, and lessons can be made, without upsetting the VERY stringent budget you have set up.
Essentially, you can change your life or your family’s lives without having to pass away and miss out on the fun.
While you may have to perform the upkeep on everything else in your life, life insurance premiums aren’t one of them .. and it could change your life for the better starting right now!
Feel free to reach out to Harrison Lance at [email protected] or 678-978-5453 for more information on how to begin this process.