When you understand exactly what they entail, it’s easy to see that senior life settlements are an investment for everyone involved. Handle your life insurance settlement the right way, and you can get a lot of money right now – without having to deal with a life insurance policy.

If you’re a senior citizen who can negotiate a fair life insurance settlement, you can take advantage of these 3 benefits:

1. Not having to pass along debts to your heirs
For many senior citizens, the thought of passing along a ton of debts to their loved ones is embarrassing and highly upsetting. However, the money you get from a life insurance settlement can be used to pay off those debts now – so that your heirs won’t have to deal with them after you’re gone. In fact, many senior citizens consider life settlements to be an investment in their heirs’ future more than anything else – just for that reason!

2. Getting out from under your monthly premium payments
If you have life insurance, then you know how expensive the monthly premium payments can be. And if you’re a senior citizen on a fixed income, those payments can be downright unmanageable – especially when you consider the fact that you’ll never get to personally take advantage of your life insurance policy!

With senior life settlements, though, you can turn the hassle of monthly payments over to an investor. Once your life insurance settlement is complete, you won’t have to worry about another premium payment ever again! Instead, you’ll get to take advantage of the lump sum payment that you just negotiated.

3. Avoiding cancellation fees

If you need to cancel your life insurance policy – either because you can’t afford it anymore or you’ve outlived all of your heirs – it’s not as simple as you might think.

That’s because most life insurance policies come with some pretty hefty cancellation fees and penalties. In fact, lots of people are stuck with a policy they don’t want anymore, simply because it’s cheaper to pay the premiums than it is to pay all of the cancellation fees!

Luckily, life settlements let you avoid all of that! With them, you’re not cancelling the policy; instead, you’re simply transferring it to someone else. That way, there are no fees and no penalties to deal with. You get to get rid of your policy, without dealing with a bunch of hassles.