This article is for young folks, 65 or older. If you are younger, read it anyway. Then, give it to one or more of your older family or friends. We are about to delve into Senior Settlements (SenSet). The first time this column carried anything about SenSet I got flooded with questions, inquires and thank-you-for-letting me-know letters and phone calls. Most of those who responded had never heard of a SenSet. All were fascinated that the policy they thought was worthless while they were alive (a term life-insurance policy) or was worth no more than the cash surrender value (CSV) of a permanent life policy, did in fact have value greater than the CSV. A simple analogy should give you a clear understanding of the basics of how a SenSet works. Think of your house. You own it and can sell it. So, a broker goes into the market and finds a potential buyer. One of them actually buys the house. You get paid when you transfer ownership (title) and the broker gets a commission.
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