A Life Settlement: The Key to Your Policy Loan Trap?
The Policy Loan Trap — And How a Life Settlement May Be Your Way Out
Many seniors find themselves in what financial advisors call the 'policy loan trap.' They borrowed against their life insurance policy years ago, and now the loan balance — plus interest — has grown to the point where it's eating up the death benefit.
The insurance company may be sending notices that the policy is at risk of lapsing due to the loan balance. The options they present seem limited: pay back the loan, pay higher premiums, or let the policy lapse for nothing.
But there is a fourth option that most people never hear about: a life settlement.
Even a policy burdened with a loan may qualify for a life settlement. A third-party buyer purchases the policy, pays off the loan, and pays you the difference in cash. You walk away with money in your pocket instead of nothing.
If you are age 62 or older with a policy of $100,000 or more, call Jack Davis at 727.735.3200 for a free policy review. You may have more options than you think.
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No cost. No obligation. Just a straightforward conversation about your options.