Things to Consider
Although there are many benefits associated with life settlements, there are also some factors to consider prior to moving forward. For example, you should make sure of the tax implications. This is because not all of the proceeds received will be tax free. In most cases, any gain that you receive on the transaction could be subject to taxation.
You should also ensure that your creditors cannot gain access to the fund that you receive. This is especially the case if you are subject to any type of lawsuit or bankruptcy transaction.
In addition, prior to moving forward, it is essential that you ensure that you no longer have need for the life insurance coverage. If, for instance, your beneficiaries will need funds for paying your final expenses or other unpaid debts, you may wish to reconsider.
Should this be the right decision for you, however, the funds that are received from a life settlement transaction can make a big difference in the way that many seniors plan for retirement or other financial needs. In fact, many individuals and couples are not aware that these options even exist for them.
If you have a life insurance policy that you no longer need, or if the premiums have become unaffordable, contact us. We can show you the options that are available to