These senior life insurance policy coverage plan agreement situation studies are designed to illustrate some typical life agreement scenarios. They demonstrate some of the reasons and common circumstances involved in a mature insurance coverage agreement.
Whether someone participates in a senior life insurance policies coverage plan agreement to reduce expenses, eliminate debt, finance pension or estate planning purposes, the opportunity to sell one's insurance coverage plan can significantly impact a senior's life.
These situation studies are based on actual mature insurance coverage settlements research as reported by the Life Insurance Settlement Association.
Senior Life Insurance Policies Case Research #1
Replacing Multiple Insurance Guidelines with a Senior Insurance Settlement to Realize Big Savings:
An 80 season old, retired businessman held multiple life plans with a cumulative $5 thousand death benefit, costing $426,113 in annual rates. The annual rates were higher than those of other life plans offering the same death benefit. With a mature lifestyle insurance coverage plan agreement he was able to sell his existing policies for $950,000 and finance a new single $5 thousand plan. As a result he maintained his insurance coverage plan but reduced his total annual life insurance coverage plan rates to just over $300,000. Therefore a mature life insurance coverage plan agreement allowed him to save $125,312 in rates each season.
Senior Life Insurance Settlement Case Research #2
Preventing economical ruin with a Senior Insurance Settlement:
A 78 season old male had poverty and was unable to continue paying the rates for his $250,000 plan. He was at risk of foreclosure on his home and had mounting bills. Unexpected health issues not covered by Medicare contributed to increasing debt. After lending money to a family member he found himself in dire straits financially. His life insurance coverage plan rates were increasing and he was preparing to let the plan lapse. A friend suggested mature life insurance coverage plan settlements as an alternative to surrendering the cover nothing. After consulting a economical adviser he sold the cover $70,000 in a mature lifestyle agreement. As a result of the mature life insurance coverage plan agreement he was able to keep his home and pay off his bills.
Senior Life Insurance Settlement Case Research #3
Creating Financial Security & Peace of Mind with a Senior Insurance Settlement:
A 76 male owned a $2.5 thousand Universal Life Survivorship plan with $55,544 in cash value. His wife and co insured had already died. The rates were too expensive for the man to continue paying and he considered surrendering the plan to the plan provider for the $55,544 in cash value. A mature lifestyle agreement was suggested by his insurance coverage provider and he was subsequently referred to a mature life insurance coverage plan agreement specialist. The man ultimately sold the cover $785,000 in his mature lifestyle agreement and said the transaction had changed his life.
Senior Life Insurance Policies Case Research #4
Funding Less Expensive Replacement Life Insurance Coverage with Senior Insurance Settlement:
An 83 season old woman was paying $42,321 annually for a $1 thousand Universal Life plan that she owned. She needed to reduce her expenses in order to maintain the total well being in her golden years. She identified her life insurance coverage plan rates as an area that she could cut costs, but wanted to remain insured. She sold her existing plan in a mature lifestyle agreement for $310,000. Then she used the mature life insurance coverage plan agreement proceeds to purchase a new $1 thousand plan with much lower rates.
Senior Life Insurance Policies Case Research #5
Enabling a Comfortable Retirement with $1.1 Million Senior Insurance Settlement:
A 73 season old entrepreneur was unsuccessful in selling his business for an amount that he deemed sufficient to invest in his pension needs. As is common with many businesses, his business owned a $5 thousand key man plan on him.
Article source : http://www.articlesbase.com/insurance-articles/senior-life-insurance-policies-6560604.html
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