Life settlements have only been gaining in popularity in the past few decades while the life insurance policy has been around for at least a century. However, the reason why they are what most senior citizens are opting instead of surrendering their policy is because of the immediate cash benefits that one can receive in transferring their life insurance to the highest bidder.
These life insurance settlements are normally arbitrated by brokers and companies that normally bring the buyer and seller together, so that the transaction can be made under the vigilance of a lawyer or those who have several years of experience in the financial industry.
Almost 60 percent of the folks choosing to make such a transaction inevitably get a better deal as compared to the surrender value of the policy, which they can redistribute in terms of estate planning while also using the money to cover other forms of insurance that is far more appropriate such as medical and burial insurance.
With the senior life settlement market doing well these days, one can find information over the internet or contact CPAs, brokers, estate attorneys or even insurance agents before going through with such a significant step to get themselves the best deal.
Imagine how much easier things will get after you get an excellent deal for your insurance policy.