Life Insurance Settlement of a senior citizen refers to the monetary alternative that he or she may have by selling off the life insurance settlement to a financial organization and to get the money before the expiry of the maturity date.

Viatical life insurance settlements provide death benefits to the holder before hand. These holders may be suffering from serious illness such as AIDS or cancer and who does not have much time for living. A senior citizen with the age of over 65 years can go for life insurance settlements if he or she is going through a monetary crisis and is in need of money.

The amount of money, which the financial organization is willing to pay to the elder citizen, is usually more than the amount, which his or her insurance agency will pay if it is surrendered. Although the amount, which he or she will receive, will be a certain percentage of the total policy, he or she will still benefit from the life insurance settlement deal. The policyholder can used the money acquired for buying a house, going for a vacation, settling debts and for any other purposes.

A person who is over the age of 65 years and having some problems relating to his or her health can get the advantage of senior life insurance settlement. A person who is above 75 years of age can get the advantage of life insurance settlement without taking any health issue in to account. All types of life insurance policies of the elder citizen of the country can be qualified for senior life settlement. These policies may be joint survivorship, whole life insurance, term life insurance or variable life insurance. Furthermore, it is important that the minimum face value of the insurance policy should not be less than $250,000. Usually the financial organizations that purchases such policies from the senior citizens presents all the required documents to the original insurance agency in order to alter the name of the policy holder and also to change the name of the policy’s beneficiary. When the insurance company confirms this, premiums will be paid by the financial organization and on the date of maturity or on the death of the previous policyholder, whichever is earlier, the financial organization will receive can collect the entire policy amount.