Senior Settlement

Definition

A senior settlement is, simply, cash paid to someone 70 years or older in exchange for his or her life insurance policy's death benefits. The seller transfers all policy ownership rights and obligations to the buyer for a percentage of the policy's face value.

The selling of a life insurance policy is a Senior Settlement. Individuals who own a life insurance policy but have no one they wish to be the beneficiary can sell the policy to a company that will give them money to use while alive in exchange for becoming the recipient on their life insurance policy.

Senior Settlements

can provide individuals with either lump sum payments or structured payments depending on how the contract is negotiated.

There are many companies that provide Senior Settlements so it is worthwhile to shop around in order to assure your self the best possible deal. A Senior Settlement can provide you with much needed money for health care or cash to spend how you choose.

Senior Settlement