Seniors consider selling their life insurance policies for many practical and personal reasons.
Rising premiums are one of the most common motivations, especially when retirement income is fixed and the cost of maintaining coverage becomes a hardship. Others simply no longer need the policy because their children are grown, their spouse has passed away, or their financial situation has changed. Some policies are close to lapsing, and selling them is a way to recapture value before the coverage disappears entirely. Many seniors sell policies to free up money for important expenses such as medical bills, long-term care, home repairs, or general living costs. Some choose a settlement to simplify their financial lives or reduce the number of accounts they manage.
In other cases, a settlement allows the policyholder to support family members, pay off debts, or enjoy more comfort during retirement. A life settlement is not for everyone, but for seniors who no longer need or cannot afford their policy, it can be a meaningful financial option.
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