3 Reasons You Might Choose a Life Settlement

Accomplished entrepreneur Bill Schantz has decades of experience in the insurance industry. As CEO of Mid Atlantic Financial, LLC, Bill Schantz has achieved one of his greatest successes, pioneering life settlements in capital markets.

Before life settlements, seniors generally had two primary options to get rid of a life insurance policy that was either no longer needed or no longer wanted. Life settlements present a third option beyond these two as it allows insurers to sell a life insurance policy for more than its cash value but less than its net death benefit. Below are reasons why a life settlement is an attractive option for some people:

1. If you no longer need or want the life insurance policy. Rather than simply getting the cash value or just allowing the policy to lapse, you might benefit from a life settlement. In this way, you can obtain a greater lump sum than you would have through simply surrendering the policy for its cash value, and you no longer have to keep the unnecessary policy.

2. If premium costs have exceeded what you can afford. For a situation like this, a life settlement can offer an amenable solution. You will no longer need to pay the expensive premiums associated with the policy when you sell it to a third party.

3. If you are beginning to reach retirement age and are finding that your savings may not be enough to give you the retirement you want, a life settlement can help give you a lump sum cash payment that you can use towards your retirement. Many seniors choose to sell life insurance policies in life settlements to supplement their retirement savings.