"Thanks to a new program, TermtoCash, up to 40 percent more seniors could benefit from this already popular financial tool."

What is TermtoCash?

People essentially rent insurance when they buy term life. When retirement comes, some convert from term insurance to permanent insurance. Most decide it is an unnecessary expense. As a result, nearly all term life insurance policies lapse without value. TermtoCash gives seniors another option. TermtoCash is a unique life settlement program designed to provide additional life settlement options to seniors over age 55 by purchasing policies that aren't eligible for other life settlement programs.

How much money can you get?

"It depends on several factors, including your age, the face value of the policy and the amount of the premium that investors will have to pay to keep the policy in force," says Hood. Policyholders can get an estimate of the potential value of any life settlement by visiting www.termtocash.com and following the link to Hood's LIVEpdq calculator. "I created LIVEpdq to allow seniors to find out how much money they can get without having to deal with a high pressure sales pitch. All the information they need is on my site."

Who should consider TermtoCash?

Most types of life insurance policies, including universal life, whole life and corporate owned policies are eligible for life settlements. Term life insurance policies must be convertible to qualify, meaning they can be changed to universal life or whole life policies without proving good health. Hood says most term polices are convertible to at least age 65. Many are convertible longer, occasionally past age 80.

According to Hood, his LIVEpdq calculator can assess a person's eligibility for both a traditional life settlement and the expanded TermtoCash program. "Not everyone should sell their policy, but anyone past age 55 should at least obtain the free LIVEpdq estimate of what their policy is worth." -- Norman Hood