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Life Settlements: The Better Alternative to Surrender
Posted: August 14, 2024 by John Welcom
Don bought an individual 2MM Lincoln National Universal Life policy in 2017 (at age 78), but due to financial constraints, he could no longer afford the $104,330 annual premium to maintain the policy. Reducing the Death Benefit wasn’t a consideration because there was very little cash in the policy, so Don was faced with the prospect of surrendering the policy for $4,811. When Don asked his financial advisor to send him surrender paperwork, the advisor brought up the life settlement option. Since Don was about to surrender the policy, he figured anything that the life settlement market could give him over his surrender value, was a victory.
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