The economy is tough right now, to say the least. We almost hate to open our mutual fund statements or go online to check the current value of our stocks and bonds because they seem to be headed straight down.

There is one asset, however, that may be worth more than you think it is and that is your life insurance policy.
A life insurance policy is an asset that can be turned into cash. There is now a secondary life insurance market in today’s marketplace.

Institutionally funded provider companies purchase policies from seniors that they no longer want or need.
We, as seniors, can go through what is called a “life settlement valuation” to determine the value of our policies.

This is not for everyone but it could be right for you.

A life settlement only works if the insured person is 65 years old or older and the minimum face value of the policy is $100,000.00 … and some companies will only purchase policies with face values of $250,000.00.

Men who are 75 and women who are 78 and own policies with face values of one to 10 million dollars are more likely to get solid purchase offers.

You will need to verify that the policies are in effect, assess the reasons why the policies were purchased and then decide if the reasons are still valid, hire a licensed life settlement broker and then evaluate the offers that are received.

This whole process usually takes 4 to 12 weeks depending upon the complexity of the policy and medical history of the insured.

It takes all of 30 minutes to complete the forms and about an hour to be educated to be able to convert this previously overlooked asset into cash. That might be an hour and a hold well spent.