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Sell Your Life Insurance policy

Life Settlements: The Better Alternative to Surrender

Posted: August 14, 2024 by John Welcom

Life Settlements A Better Alternative to Surrender

Don bought an individual 2MM Lincoln National Universal Life policy in 2017 (at age 78), but due to financial constraints, he could no longer afford the $104,330 annual premium to maintain the policy. Reducing the Death Benefit wasn’t a consideration because there was very little cash in the policy, so Don was faced with the prospect of surrendering the policy for $4,811. When Don asked his financial advisor to send him surrender paperwork, the advisor brought up the life settlement option. Since Don was about to surrender the policy, he figured anything that the life settlement market could give him over his surrender value, was a victory.

Don bought an individual 2MM Lincoln National Universal Life policy in 2017 (at age 78), but due to financial constraints, he could no longer afford the $104,330 annual premium to maintain the policy. Reducing the Death Benefit wasn’t a consideration because there was very little cash in the policy, so Don was faced with the prospect of surrendering the policy for $4,811.

When Don asked his financial advisor to send him surrender paperwork, the advisor brought up the life settlement option. Since Don was about to surrender the policy, he figured anything that the life settlement market could give him over his surrender value, was a victory.

Policy's Insured

Male | Age 78

Health Status

Good

Policy Type

Universal Life Insurance Policy

Face Amount

$2,000,000

Annual Premium

$104,330

Surrender Value

$4,811

Life Settlement Payout.... $250,000

 

Sell Your Life Insurance Here

 

Type: Life Settlement for Consumers
Tags: Life Settlement Case Study



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