Hear some examples from Rob Haynie of what people have done with the proceeds from selling their life insurance policy. Rob joins Suzanne Newman on the Answers for Elders Radio Show. Rob serves on the Board of Directors of the Life Insurance Settlement Association (LISA) and is a charter member of the Association’s PPC committee, which is charged with the regulatory and legislative activities of the industry. The Managing Director of Life Insurance Settlements, Inc., he has been proactively in the industry for more than 31 years.

Rob describes a family who had been donating money to a ballet center, but were running low on funds around 2008. "The money that would be going to the 501c3 [the ballet center] was not going to go to them, because they were going to lapse the policy. So they were losing money. Their financial planners said, 'What about a life settlement?' He said, 'What are you talking about?' They said, 'We're going to sell the policy.'

"Two things happened. They immediately donated the money, what they got, to the 501c3, who was able to take it tax free. But the key thing was, the donors, he and she were both alive, were able to write off the donation while they were alive. And they also were able to go to the ballet center and see their name above the doors as you walked in for a number of years, before they passed away."

Rob adds, "Your life insurance policy is like any other assets you own. It's yours. You can do with it as you please. You can find out what it's worth – exactly what it's worth, today – by going through a process, a free non-binding appraisal, and then at that point you will have a decision to make as to what's best for you. And you can sell some of your life insurance policies. We can split a policy in half. You can sell half, and keep half. But at the end of the day, we just want you know there are options."

Email Rob Haynie at [email protected], call his cell phone at 954-599-4433, or learn more at the LI Settlements website.

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Mentioned in this episode:

Legacy Estate Planning

Legacy Estate Planning

Chateau Retirement

Chateau Retirement