Your worries about financial security increases with your age! Once you reach a certain
age and retire, financial security that came in the form of monthly pay checks shall not be available. Have you planned for this phase of your life which is also termed as the twilight phase? Your financial savings in banks shall not last you eternally. Old age takes its toll in the form of various types of ailments and medications and doctor's bills are quite costly. You should worry about these things.
So what if your life is insured through a life insurance policy? Only after the person insured crosses a certain age as defined in the policy or if the person dies, is the insured sum paid. This is known as the maturity period. In most cases the person insured does not live till the maturity age and only his or her beneficiaries get the money. You cannot do anything about the huge sum of money locked away in the life insurance policy. The sum of money you'll get by surrendering the policy before its maturity date to the insurance company is nothing compared to what you would have received after maturity.
Are you helpless then? Your policy can be sold on the open market. This is termed as life settlement. To put it across in a simple term, you sell off your life insurance policy to someone else after completing all legal formalities. Neither the insured nor their beneficiary has any rights or claims on the policy, once this process has been completed.
The bonus amount that the insurance house pays on maturity is what the purchaser gains. By receiving cash in hand for their day to day expenses the insured person gains too. Apart from your love and affection for the beneficiary, you should remember that the premiums were paid by you. As long as you are alive you have every right to benefit from that money.
Opting in for life settlement provides you with financial freedom and stability when you need it the most. Life settlement gives you an amount of money that is 3 to 5 time more than the surrender value. You can also gift a small amount of this cash to the beneficiary of your life insurance plan. Opt in for life settlement today because the future is unknown.