In today’s difficult economic environment, many retirees are discovering the benefits of life settlements and the money they can make. At Crosby Insurance Group, we have extensive experience in life settlements and can support you in this process. Life settlements are especially useful if you want to supplement your retirement income, cover medical expenses, or improve your quality of life. Contact us today to start supplementing your retirement income, or read more below to see if this is the right step for you.
LIFE SETTLEMENTS
What Are Life Settlements?
A life settlement is a financial arrangement where the policyholder sells a permanent or term life insurance policy to a third party for a lump sum. The investor or organization that purchases the life insurance policy will then own it and pay any remaining premiums, which allows them to receive the death benefit upon the policyholder’s passing. This can give the policyholder more money than surrendering the policy for its cash value, which allows you more financial freedom in retirement.
Why Choose Life Settlements in South Carolina?
- Higher Payouts: When you sell your permanent or term life insurance via life settlement, you will receive a larger payout than the policy’s cash surrender value. This means you can access more money when needed, helping to keep you financially stable throughout retirement.
- Financial Freedom: The lump sum payment you can receive from a life settlement can be used to cover many expenses. Some of these are medical bills, debts, or investments that will allow you to receive a larger payout over time. This can give you a better quality of life in your retirement years and help you meet financial goals to start your retirement earlier.
- No More Premiums: One of the biggest benefits of selling your life insurance is that the buyer will take over all the responsibility for the premiums you currently owe. Once you are relieved of financial obligations for the premiums, you can use that money elsewhere, either by investing more or just having more cash flow each month. This is really helpful for those on a fixed income.
- Tailored Solutions: Life settlements are great for retirees who are above the age of 60 or individuals who are facing changing financials needs but are especially appealing to those with terminal illnesses or no beneficiaries. They’re also an excellent choice if you have a policy with a face value of over $250,000, as these policies more often appeal to buyers.
- Emergency Funding: If you need immediate cash for things such as medical expenses, debt repayment, or other needs that cannot be ignored, a life settlement can provide you with a substantial cash sum to help cover these costs.
- Policy No Longer Necessary: If you no longer need a life insurance policy as your dependents are financially set, or you have other plans in place to help beneficiaries, a life settlement might be right for you. By converting your policy into cash you can repurpose the funds to better suit your goals.
Crosby Insurance Group’s Role in Life Settlements
- Expert Representation: We represent your interests, not the buyer’s.
- Comprehensive Evaluation: We assist in gathering necessary documents, such as insurance policy details and medical records.
- Transparent Process: We guide you through each step, from valuation to final sale.
At Crosby Insurance Group, we are here to represent you, the individual with the life insurance policy. This works much like a real estate agent would represent you in a home sale. While the buyer may want to pay as little as possible for your policy, we will negotiate on your behalf to get you the highest possible amount for it.
All you will need is to provide policy documents and medical records to the potential buyer so they can make a decision on how much they think your policy is worth. They will base this decision on many factors, including your age, health, accumulated cash value in the policy, and remaining premiums.
Important Considerations
Before you decide on a life settlement, you must understand the crucial tax implications and other impacts on your financial well-being. Selling your policy can compromise your privacy, as the new owners may want regular updates on your health status. At Crosby Insurance Group, we will provide expert advice so you can make the most informed decisions that will benefit you in the long term.
A further implication of selling your life insurance policy through a life settlement is how it will affect your beneficiaries. We understand this is a major consideration. We can help you ensure your loved ones are still cared for by helping you explore other options like partial life settlements to receive some cash—or alternative estate planning strategies. Crosby Insurance Group is here to guide you and help you find the right solutions.
Contact Us
Explore the potential of your life insurance policy with a life settlement. Contact Crosby Insurance Group at 843-310-2667 to discuss your options and discover how we can help you achieve financial freedom. Our team is ready to assist you in securing the best possible outcome for your life settlement. Alternatively, you can reach out via our contact form below.
INDIVIDUAL INSURANCE
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INDIVIDUAL INSURANCE
BUSINESS INSURANCE
RETIREMENT SERVICES
