Last year at this time your family was making plans to visit your traditional favorites on a trip to Chicago:

  • You love to take the Metra downtown from the suburbs.
  • You enjoy the challenge of scouting out some Chicago tourist gems that you have read about, but never visited.
  • Dinner in an Italian spot with a knack for pizza, bottled beers, and Chicago mob stories is a must.
  • Dessert in Chicago means popcorn. Caramel for your sons. Cheese for you and your husband.
  • Close out every trek with your favorite perk of public transportation: taking a nap while someone else takes care of the driving.

This year you are spending hours looking at life settlement calculators and considering the best life insurance settlement options.

Last year at this time your family was telling everyone they met in the Windy City just how much your group love, love, loves Chicago.

This year you have had more than one discussion about selling your life insurance policy for a little extra emergency cash.

Last year you would have been finally on your trip home from Chicago talking about how you like Chicago as much as you love adventure. Maybe as much as your sons love popcorn.

This year there are no trips on the schedule.

This year, after a major health scare with your 56 year old husband, there are only conversations about current life insurance settlement options and if they can help you pay current hospital bills. There are only conversations about what plans you need to have in place in case his income is no longer available.

Life Insurance Settlement Options Help Many Families Navigate Challenging Financial Situations

Have you ever had one of those years when everything is going along just great right up until it is not? You know, one of those years when the only things you ever seem to talk about are the next set of ballgames, the next family vacation. Those years when you sit back every night and enjoy the memories of another day well spent.

Those kinds of years are great. They also help you prepare for the challenges that the other kinds of. years present. Those other years when first your husband gets laid off from his job, and then has a medical event that first appears like a heart attack. It is in those scary years when you rely on the memories from the past to help you navigate conversations and difficult decisions like when to take a look at life insurance settlement options, long term health plans, and other kinds of very challenging topics.

If you are a family where these kinds of conversations are new, then you are lucky. Others have been dealing with such weighty topics for years. In fact, as far back as a 1911 U.S. Supreme Court decision, Grigsby versus Russell, deemed that life insurance policies were personal property, people have been having conversations about when it might be time to cash out on one plan and move on to another plan.

Did you know as many as 86% of life insurance policies will lapse without any benefit ever being paid? This is a sad fact as many Americans invest in a policy early in their life, but end up not being able to afford continuing it. Even more frightening is the fact that only 14% of policy death benefits are ever disbursed. This means there are many dollars invested for absolutely nothing. For this reason, there are some individuals and couples who make the decision to take out the cash value of their plan and use those funds for other purposes, especially in the event of a financial emergency.

A life settlement transaction is when the seller, also known as the policy owner, transfers ownership and beneficiary rights of a life insurance policy to a buyer, a licensed life settlement provider. This is a process that allows many people to get ahold of funds that are much needed. Needed for medical bills. Needed for expenses after an unexpected layoff. Needed, if you are lucky, for one more traditional family vacation. A vacation where you spent time together enjoying the time that you have with your loved ones.