For married seniors, life insurance policies are often a necessity. They provide a sense of security and knowledge that, no matter what happens, your spouse, children, and other dependents are taken care of financially.
On the other hand, a health insurance policy can become little more than a monthly financial burden for single seniors without children or seniors whose spouses have passed away. As healthcare expenses pile up throughout retirement, those monthly payments can grow into a year-round concern.
Single seniors can eliminate this burden and enjoy a new level of financial independence with a life settlement.
An insurance policy might not be the first thing that comes to mind when you think about your assets, but that’s exactly what it is. Like anything you own, your policy has cash value, which you can take advantage of by making a sale.
Selling life insurance is a lot like selling anything else. If you qualify, you’ll identify a life settlement broker and make a deal. You won’t receive the total death benefit of your policy, but the payout will exceed what you’d earn for surrendering the policy.
Better still, you’ll only incur taxes on some of that payout. You’ll receive the amount you’ve paid in premiums absolutely tax free. That’s money right back in your pocket to manage daily expenses and make the most out of your retirement.
Take Advantage of Your Money
What is your life insurance premium keeping you from doing? Are you putting off necessary care or neglecting the plans you made for your retirement? With a life settlement, you may not have to put your life on hold. For seniors around the country, life settlement payouts have paved the way to a fulfilling retirement.
Those life settlement payouts could get bigger very soon. In February, a bi-partisan pair of Congressman proposed the Senior Health Planning Account Act. The bill, if passed, would enable seniors to invest their life settlement proceeds in tax-free health savings accounts.
Want to see how much investment potential your policy has? Get a quote at Green Settlements.