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Arriving at retirement
age requires seniors to look into their financial matters once
again. Click Here for more info. |
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Click
Here for the steps to obtaining a senior settlement are
very simple and at no cost or obligation to you. |
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Applying with Senior Settlements.com
couldn't be easier. For your convenience, we've given you several
methods to choose from. Click Here
for more info. |
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Arriving at retirement age requires seniors
to look into their financial matters once again. Among the most
important financial considerations for seniors reaching retirement
is cash flow. This requires a careful assessment of financial
obligations versus financial capacity.
LIFE INSURANCE
Whether you qualify for a senior settlement or not depends
on the type of life insurance, the age and health of the insured
and the amount of premiums needed every year. Most types of
individual life insurance are accepted into a senior settlement.
These include term, whole life, universal and survivorship
coverage. The amount of life insurance in-force must be above
100 thousand dollars, and the coverage needs to have been
in-force for at least 2 years.
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AGE
& HEALTH
The most significant determinants of the settlement amount
are the combined effect of the health and age of the insured.
If the life insurance is a survivorship policy, the age
and health of both insured individuals is relevant. Healthy
seniors in their eighties would qualify and seniors as
young as 70 may qualify if other health circumstances
provide for a limited life expectancy.
PREMIUMS
The amount of life insurance premiums plays a major role
in determining the offer in a senior settlement. The lower
the annual premium amount, the higher the settlement offer.
TRUSTS
Policies held in Irrevocable Life Insurance Trusts may
have exceeded their utility. If a Trust requires continuing
premiums, by entering into a senior settlement the beneficiaries
of the trust may realize an immediate gain while the policyholder
completes its premium responsibility.
BUSINESSES
Retiring executives may find excess life insurance coverage
in their "key man" policies and "buy &
sell" agreements. These policies may have outlasted
their purpose and would have significant life insurance
coverage that requires a heavy premium commitment. Through
a senior settlement, the retired executive can transform
an otherwise disappearing asset into a source for severance
pay, investing in a closely-held business, buying the
equity interest of a partner or stockholder or to eliminate
outstanding debt.
ESTATE PLANNING
One of the most important decisions facing seniors involving
financial matters revolves around estate planning. The
proceeds from a senior settlement may allow the purchase
of survivorship coverage for estate tax purposes. Further
estate tax deductions may be possible with charitable
giving through the creation of a charitable lead trust
or charitable remainder trust. |
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