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Shopping around for a life settlement can pay off: Money magazine 2010-01-26 Also important, life settlement experts say, is ensuring that brokers have access to major funding sources. It can be tricky to compare life settlement offers, Connecticut insurance commissioner Thomas Sullivan said to the magazine, because brokers' fee structures aren't always transparent. Seniors should request that brokers provide offers minus commission fees and inquire about brokers' fee-disclosure status (to ensure that fees are disclosed in writing). Also, there's no central marketplace in which a person can compare life settlement offers. People considering a settlement "should get several bids," Money says. The magazine quotes Golden Gateway Financial in saying that commissions may differ from one broker to another. And the instruments aren't always the best choice. Some older people may want to keep their life insurance policies current so they can be inherited by relatives. Money writes that some people who need cash in retirement may want to consider a reverse mortgage, as well. Still, for people who have done their homework, life settlements could be the way to go. Settlements are "an appealing idea" for seniors "who anticipate running out of money," Money reports.  |
