Congratulations! After years of working hard and careful spending, you get to open your wallet after receiving a bounty of cash from selling your life settlement policy. These are the top 7 ways you can spend your life settlement money. Still not sure whether selling your life insurance policy or even part of it, is right for you? Head over to our Life Settlement FAQ page to learn more.
The holiday season is upon us! We all know how much you want to spoil your grandkids with a flashy new toy or the brand new PS5 they have been talking about. With a life settlement cash offer, you can even afford to give your not-so-friendly neighbor a gift this Christmas!
Get that second (or maybe third) car!
You might consider buying the flashy new Telsa you have been eyeballing (complete with an automatic chauffeur) after spending years sharing 1 car with your partner. Time to explore the open world, the possibilities are endless.
Not Falling for timeshares:
For people in their retirement, timeshares seem like a dream vacation and it’s easy to be lured into the false promise of a cheap vacation. But unlike a vacation home in the Bahamas (which you can now afford), a timeshare is NOT an investment. Think of it as a fancy hotel that you are stuck footing the bill for over the next 20 years even when you aren’t using it.
Health care/ Health bills
When times get tough, especially during the COVID-19 era, consider using your life settlement money to pay off your hospital bills. There is no reason to get into additional debt when your life settlement should be treated as an asset. You can also use some of the funds to pay towards health insurance, so you save money in the long run.
Supporting your Adult children (Still)
Times are different for young millennials and now Gen-Z’s. Wages have stagnated, Companies are now forced to let go of their employees and it takes longer to save for a house while dealing with massive college loans. With your bonus life settlement cash on hand, you can now support your adult children as they survive through this year.
Downsizing your living situation is very common amongst people in their golden years, especially during these times, but with your life settlements funds in the bank, you can now pay off your current mortgage and consider living in a resort-style assisted living community or moving closer to family.
People over the age of 65 still have the same basic expenses like every other age group, and food is one of them. With your life settlement money, you can now afford to pick up that 32 oz Filet Mignon from the grocery store for dinner or even decide to have your food catered by a chef at least once a week – just don’t forget the wine!
You’ve built equity in your life insurance policy. That policy is your property, not the insurance company’s. You have the power to decide how the policy should be used for you and your family. Deciding to pursue a life settlement is a legitimate and reliable choice to create financial options for your future. Life insurance is often a senior’s largest asset and one they can use to alleviate retirement challenges.
Why Abacus Life
At Abacus Life, we empower you with the information you need to decide if selling your life insurance policy, or a portion of it, is right for you. We will walk you through the entire process. We will show you the numbers and the numbers behind the numbers — all policy valuations, underwriting, cost, and returns — so you can make an informed decision for your family’s financial future.
At Abacus, we understand that you, like many other people, may have a policy that no longer meets its goals. We are dedicated to helping you learn the facts about your life insurance options so you can make an informed decision and get the most out of your policy. We are committed to serving you with the confidentiality, transparency, and urgency you deserve. Whether you are interested in a traditional life settlement, retained benefit option, or a hybrid option, Abacus Life can help you identify the right option for your circumstances.
We don’t want our clients to “settle,” we want to help them find real value in their personal property.