Wednesday, February 04, 2009

Tips to Getting Through Tough Times #1

I don’t have to tell you that our current economic turmoil is affecting our lives in ways it didn’t seem possible even one year ago.

Many of the emails and questionnaires I receive on a regular basis are relating to people selling assets at fire sale prices, being foreclosed on, and being stuck in perpetual hold mode due to the lack of credit available to potential buyers.

Worse yet, property values continue to decline, as do assets in stocks, IRAs, variable annuities, life contracts, etc.

The next series of emails will be focused on finding potential sources of income from assets you may own but may be unaware they have additional value.

Even if these options do not apply to you, you may know of someone who can benefit and share this information with them. We are all in this situation together.

First is potential value in a life insurance policy that could provide a substantial lump sum payment in times of need.

If you or someone you know over age 65 is considering dropping or surrendering a life insurance policy because it is no longer needed or if the payments have become too much of a burden to maintain, please have them contact me.

Even if the policy is a term policy with no cash value, there may be value to an investment company who may make a substantial cash offer on a policy that would have been dropped anyway. These companies buy policies and package them in large groups which are resold to investors. There is no single owner with a vested interest in the seller passing on early so this makes it more palpable to the seller.

This is especially valuable to seniors who are afraid they don’t have enough savings to last through their retirement, those who have an unexpected medical or financial setback or those who have no heirs that need the death benefit. It is also a way for their children to have enough resources to take care of them should they need long term care and have no insurance for that. In some cases, additional life insurance can still be purchased with the proceeds.

The policy owner has complete control on whether or not to accept the offer. Not all policies qualify, but I can let you know if yours does when I get some basic information. It never hurts to cover all the bases.

Paula Straub
760-917-0858 M-F 8am to 5pm PST
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