Thalia Santiago, 86, was approached by investors who offered her $400,000 cash, in exchange for ownership of a new life insurance policy on her life, that offered a death benefit of $2,000,000 upon her death. The beneficiaries would not be Selma's family, but whoever the new owner of the policy would designate. And to sweeten the pot, the investors would make all the premium payments. Thalia's son, a retired tax attorney, gave it a green light. Thalia's position was not one of desperation but it gave her pleasure to be able to bestow money upon her grandchildren while she is still alive. Other scenarios for life settlement candidates might be those living out retirement years on a fixed income, and finding it difficult to manage all of their expenses. As a result, these seniors are forced to make difficult decisions about things they need or want, but can no longer afford. Keep the life insurance policy settlement , or let it lapse? If they don't own their own home then a reverse mortgage-a lifesaver in the right circumstances for cash-strapped seniors-is out of the question. Enter the Life Settlement transaction, a possible solution for some, providing some very important criteria is met. But what is a life settlement?Here's how it works: You sell your life insurance policy that is no longer needed, wanted, or affordable to an investor or company. The investor or company agrees to continue paying the life insurance premiums.The investor or company collects the death benefit upon your death. You receive a cash settlement amount which is more than the cash "surrender value" of your policy.The settlement amount is determined by a number of factors, including the original amount of life insurance, your life expectancy, and the cost of the premiums, to name a few.

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All in an effort to save money. In recent years, it seems like more and more companies are interested in money for their stockholders than those that serve them. Retirement plans are being closed out or converted over to 401k"s where they may or may not match funds going in. Social security is on the rocks as well. By 2050, Senior Citizens in America will double. The bottom line is don't count on anyone to take care of you. You have to lookout for yourself because nobody else will.
I have now been retired for four years. I quickly learned what a fixed income is. Lucky for me however, I have paid into a pretty good retirement plan for the past 33 years. I even paid in extra at two key times to help strengthen my financial future. Many individuals don't have that luxury.