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Turning Life Insurance to Cash

Wednesday, June 25, 2008 General News J E 4
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RUSHVILLE, Ill., June 24 With the skyrocketing cost ofeverything from gas to food to healthcare, many seniors are struggling to makeends meet. Thousands have already turned to a relatively new option known asa life settlement. "A life settlement is more or less a recycling program forlife insurance policies, and has helped thousands of seniors get the cash theyneed right now," says Norman Hood, an independent insurance adviser inRushville, Illinois. "Thanks to a new program, TermtoCash, up to 40 percentmore seniors could benefit from this already popular financial tool."

What is TermtoCash?

People essentially rent insurance when they buy term life. Whenretirement comes, some convert from term insurance to permanent insurance.Most decide it is an unnecessary expense. As a result, nearly all term lifeinsurance policies lapse without value. TermtoCash gives seniors anotheroption. TermtoCash is a unique life settlement program designed to provideadditional life settlement options to seniors over age 55 by purchasingpolicies that aren't eligible for other life settlement programs.

How much money can you get?

"It depends on several factors, including your age, the face value of thepolicy and the amount of the premium that investors will have to pay to keepthe policy in force," says Hood. Policyholders can get an estimate of thepotential value of any life settlement by visiting http://www.termtocash.comand following the link to Hood's LIVEpdq calculator. "I created LIVEpdq toallow seniors to find out how much money they can get without having to dealwith a high pressure sales pitch. All the information they need is on mysite."

Who should consider TermtoCash?

Most types of life insurance policies, including universal life, wholelife and corporate owned policies are eligible for life settlements. Termlife insurance policies must be convertible to qualify, meaning they can bechanged to universal life or whole life policies without proving good health.Hood says most term polices are convertible to at least age 65. Many areconvertible longer, occasionally past age 80.

According to Hood, his LIVEpdq calculator can assess a person'seligibility for both a traditional life settlement and the expanded TermtoCashprogram. "Not everyone should sell their policy, but anyone past age 55should at least obtain the free LIVEpdq estimate of what their policy isworth."CONTACT: Norman Hood 800-642-8695

SOURCE Norman Hood
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