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Alternative Option May Help Fund Care After a Stroke

After surviving a stroke the dilemma of paying for long-term care can become of great concern. It is important for seniors who need money to explore every option available to them.

Most seniors don’t realize that their life insurance policy may have greater value than expected while still living. The common assumption is if a policy is no longer needed, wanted or the premiums have become unaffordable, the only option is to lapse the policy or surrender it back to the life insurance company. However, there are options available to policyholders in the form of life settlements.

“One of the most important assets seniors and baby boomers have may be their life insurance policy,” says Darwin Baystone, CFA, President and CEO of Life Insurance Settlement Association (LISA).

A life settlement, according to lisa.org, is a financial transaction in which a policy owner possessing an unneeded or unwanted life insurance policy sells the policy to a third party. The policy is sold for more than the cash value offered by the life insurance company but for less than its death benefit. The purchaser becomes the new beneficiary of the policy and is responsible for all subsequent premium payments.”

Over the years, life settlements have become more common which has made the industry safer and provides more value to the senior. Each state has different laws and regulations regarding life settlements. Find a trusted financial advisor who has knowledge of life settlements to help you explore your options.

By: Stroke-Network.com Staff Writer Amy McCraken

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"“One of the most important assets seniors and baby boomers have may be their life insurance policy,” says Darwin Baystone, CFA, President and CEO of Life Insurance Settlement Association (LISA)."

A life settlement, according to lisa.org, is a financial transaction in which a policy owner possessing an unneeded or unwanted life insurance policy sells the policy to a third party. The policy is sold for more than the cash value offered by the life insurance company but for less than its death benefit. The purchaser becomes the new beneficiary of the policy and is responsible for all subsequent premium payments.”

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