Excerpt from: Life Settlement Update
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| August 13, 2008 | | Seniors have many finance alternatives to help with the cost of premiums. | There are two major obstacles that prevent seniors from buying the life insurance they need. First, the concern that they will be stuck with a sunk cost and a loss should they no longer need or be able to afford the coverage. The active secondary life settlement market has removed that concern for most seniors. Second, is the cost to purchase and maintain the policy. Annual premiums are usually 3%-4% of face value, a very large amount on a 7 figure policy. Fortunately for seniors there are a large number of premium finance programs that could be available to them. Just like using a mortgage to buy a house you can use premium finance programs to buy life insurance. Understanding what premium finance programs are available and how they work is an important step to getting the best life insurance deal for your situation. | | |
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