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Ideal candidates for a life settlement.
Ideal candidates for life settlements are high-net-worth clients age 65 or older with:
- A life insurance policy with a face amount of at least $500,000.
- A change in insurability since the policy was issued.
- A life expectancy up to 20 years.
A life settlement can be a good option for a variety of reasons which include:
- Policyowner may have outlived the risk insured against.
- Spouse has passed away.
- Business partnership has dissolved.
- Key employee has retired.
In other cases, investment projections may have proven unduly optimistic in the current low-interest environment. So-called “vanishing” premiums have not vanished, and the financial plan built around the policy is not being met. In any such case, the owner may want out of their policy, either to buy a more efficient life insurance policy or to move the value into another asset.