Senior life settlements enable people over 65 years of age to sell their life insurance policy to a third party, typically to:
Pay for in-home care, assisted living or nursing homes
Avoid paying any more premiums and maximize the value of the policy
Get more for a policy that is no longer needed
With more and more Americans living longer, many are outliving their savings and still looking at significant costs for home care or senior housing. In these situations, often times the beneficiaries (the children or grandchildren) would rather lose the death benefit of the insurance policy than have to pay for the costs of the senior (mother, father, grandmother, grandfather). This is where a senior life settlement can help. It allows the senior to unlock the value of a life insurance policy now – by selling it to a third party and getting cash. The buyer of the policy pays cash at the time of sale, and takes on the liability of the future premiums, but they get the full death benefit when the insured person passes.
Golden Bridge is a leading New Jersey based provider of senior life settlements. To begin the process of getting a quote for the life insurance policy of a senior in New Jersey, call us or fill out the Request a Quote form.