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”, you should know that there is a way out of the last 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 no longer be responsible for 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” and can be a wonderful gift to yourself to enjoy now.
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. For instance, if you had a $1 Million Life Insurance policy, you could end up walking away with $700K or more, with the company being the new beneficiary for the $1 Million dollar policy. Of course it seems like the company is making a steal, but you could end up living another 15-20 years with them having to make all those payments. If you were to sell it to them now, you can enjoy the extra 3/4ths of a million dollars, especially when it comes to pleasures you can have now – whether on your own or with grandchildren, making incredible memories, trips, and more, without upsetting the VERY stringent budget you have set up.
Essentially, you can change your family’s lives without having to pass away and miss out on the fun.
Please reach out to Harrison Lance at harrison@harrisonlance.com or 678-978-5453 for more information or to begin this process.