Life settlements, also known as senior settlements, provide you with the opportunity to cash in on your life insurance policy. Far more stable than stocks and bonds, or even real estate these days, life insurance policies are long-term investments that provide far greater stability, even in times of economic trouble. You can take advantage of this financial asset in the form of a senior settlement.

Certified life settlement brokers can discuss the necessary considerations and provide you with expert advice in ensuring that you make the best financial decision possible with regards to your life insurance policy. Your life settlement broker can help you determine your current insurance needs and policy value to provide you with the information you need. Some factors you will discuss with your senior settlement broker are your age, your insured life expectancy and your policy value.

Your Current Age

Life insurance needs change as your age changes. Typically, if you are considering a senior settlement, your children are grown and you need money for college, you have medical costs related to being older, or you simply want to enjoy your retirement. In any case, your age is a factor you will discuss with you life settlement broker. Generally speaking, a good life insurance investment is one that covers 15-18 years or less, whereas most policies have life expectancies of 7-12 years. As a result, your best time to consider senior settlement is after age 70. In some cases, earlier is advisable.

Insured Life Expectancy

Your insured life expectancy is a function of your chronological age and your life insurance policy's remaining term. These figures are used by a life settlement broker to determine the current cash value of your life insurance policy. This figure can then be used to compare the cost of replacement insurance, expected cash-out value and other factors to determine if a senior settlement is in your best financial interest.

Policy Value

Very often, individuals discover that they are paying too much for too little life insurance and that they can sell their current policy for something less expensive that provides equal or better coverage and then cash in on the savings. Your life settlement broker can assist you in evaluating all of the factors involved, including policy value.

Your policy value is the combined size and face value of your current policy. Policies can be sold individually or they can be bundled. Policies valued $2-10 million are often sold singularly. Smaller policies are bundled to reduce risk. Your certified life settlement broker can provide you with the information you need to get the most out of your senior settlement.

Your life settlement broker can assist you in evaluating your financial options and can help you to maximize your financial net worth by knowledgeably and professionally comparing policies, cash values and available coverage while factoring in determinants such as age, insured life expectancy, and policy value.

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