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Life Insurance Settlement for Term Insurance
 

By Jim Wolf

10/10/11


Term life insurance and Senior Life Insurance Settlements are a perfect match. Of course, when we are talking about a senior life insurance settlement we are referring to seniors over the age of 65, preferably senior males over 70 and females over 75 with some health impairment.

Most senior that hold term insurance are on the final years of their fixed term premiums. Over the next few years the policy will have minimal value to them because after the fixed term period expires, the policy will move to renewal rates which are significantly higher. Provided the policy has a term conversion rider, which allows the policy to convert to permanent insurance (i.e. universal life or whole life) with no evidence of insurability. This type of policy is of great value to a life settlement funder. So a policy that may be worthless to a senior can have a significant value to a life insurance settlement funder. A life settlement could be the perfect answer

 

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Senior Life Settlement
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Case Examples

Case Example #1; Policy Type = Term; Age = 81; Sex = Female; Face Value = $3,500,000; Cash Surrender = $0; Life Settlement = $850,000

Case Example #2 - Policy Type = Universal; Age = 75; Sex = Male; Face Value = $5250,000; Cash Surrender = $21,000; Life Settlement = $72,000

Case Example #3 - Policy Type = Key-Man; Age = 72; Sex = Male
Face Value = $1,000,000; Cash Surrender = $194,000; Life Settlement = $368,000

Case Example #4; Policy Type = Term Life ; Age = 74 / impairment; Sex = Male; Face Value = $175,000; Cash Surrender = $0 ; Life Settlement = $64,000

Case Example #5 - Policy Type = Whole Life ; Age = 80; Sex = Female; Face Value = $750,000; Cash Surrender = $67,500 ; Life Settlement = $218,000
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