"The Life Settlement Policy Evaluator is a great way to receive an immediate life settlement estimate on an existing life insurance policy," said Scott Kirby, Co-President of Advanced Settlements, Inc. "At Advanced Settlements, Inc., we believe education is a key part to the growth of the life settlement industry. With the Life Settlement Policy Evaluator financial professionals now have another tool to assist their senior clients in determining the value of their life insurance policy."
A life settlement is the sale of a life insurance policy to a third party for a cash payment less than the full amount of the death benefit -- but for more than the policy surrender value. Proceeds may be used any way the seller sees fit, although they are often used to buy a more cost effective life insurance policy or annuity, purchase long term care insurance, provide cash gifts to family members, etc.
"Life Settlements give seniors a potential exit strategy for life insurance policies they view as too expensive, poor performing or no longer meeting their original needs," said Mr. Kirby. "Selling one's life insurance policy as part of a broader financial planning strategy can be a prudent financial decision for high net worth seniors facing changing life circumstances," Mr. Kirby added. "Of course, as with any transaction, the settlement must make sense in light of the entire financial plan of the client. There could be an impact to taxes, benefits, and even the amount of insurance a client may buy in the future. It makes sense to fully explore this option before proceeding." -- Advanced Settlements, Inc.
