Juegos.com – Cash in Your Life Structured Settlements For Retirement

Posted on March 11, 2010

Resource Author Francisco Rodriguez H.
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If you have a life policy and are struggling with money then you may be able to get some help. Your life insurance is of course meant to pay out when you die and you leave it to your loved ones, it is a great way to make sure that you loved ones are well looked after. However, these tough times mean that many people are struggling for money. Quite a lot of prices have gone up recently and with interest rates so low it means that people who are relying on an income from their investments may be suffering a lot.

There is also the problem with the stock market not being that good so dividends and income from that may not be good either. There are ways to get your hands on some extra money though. If you do have a life insurance policy you may be able to look into life settlements.

There are two types of life insurance settlement transactions -

1.    Life or Senior Settlements allow policy owners above 65 to create immediate liquidity from unaffordable or obsolete life insurance policies.

Viatical Settlements help someone facing a terminal illness to make use of the present day value of their life insurance policy. The cash can then be used to offset the prohibitive costs of medical care.

You could be considered an eligible candidate for a life settlement transaction if:

·         You are 65 years or older

·         The face amount of your policy is worth $50,000

·         The policy has been active for a minimum of two years

·         The policy has a low cash surrender value

Premiums are less than 8% per annum.

It could be even more scary, if they have an illness policy where it pays out if they get unwell to help towards their health cover and they have to forgo that to live off. They then have a constant worry about whether they will be able to cover their medical expenses if they need to.

This stress is not good for anyone and retirement is supposed to be the time of your life when you can relax and enjoy yourself, having all of those holidays that you didn’t have the time to do when you were working or that you couldn’t afford to take when you had children at home.

» Filed Under Bankruptcy, Car Loans, Credit Cards, Credit Report, Financial Articles, Home Loans, Misc., Pay Day Loans

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