Your golden years are not too late to start planning.

Itís rarely too late for life insurance.

Most seniors are surprised to learn that insurance companies will issue a new policy on someone over 65 years of age. In fact, some companies will insure people up to the age of 85.

If youíre a senior, the best time to buy insurance is when you are in good health. One great thing about an insurance contract is that it is based upon your health and pricing at the time you apply. If your health status changes after purchasing the insurance, the insurance company cannot raise the premiums for your individual policy.

Our advice to clients is simple. Lock in the low rates now, while you are healthy.

Forewarned is forearmed.

If you already have an estate plan, itís worthwhile to have your plan reviewed to ensure that it accounts for any changes in gift or estate tax regulations.

Life Settlements

Relatively new until recently, life settlements have become an established and growing estate planning solution. A life settlement takes place when the beneficiaries of a life insurance policy sell their right and interest in the policy (that is, the death benefit) to a third party. Buyers of policies are banks, pension plans, hedge funds, and even some life insurance companies.

Today, financial institutions are purchasing tens of billions of dollars of life insurance policies through life settlements. In the right circumstances, a life settlement presents a tremendous opportunity for qualified policy holders and is in their best interest.

Whatís the advantage to you? Through a life settlement, you can receive back premiums you have already paid on a life insurance policy and possibly some additional value from a policy you no longer wish to hold. You can then use the sale proceeds to purchase a cheaper policy and/or invest the funds elsewhere.

Someone contemplating the sale of their life insurance policy should consider the possible tax consequences from the sale and any possible future needs for life insurance.

Talk to us before entering into a life settlement.