ABCs of Senior Settlements

I get quite worried when I hear about things such as senior settlements. It is such a shame that people have to do this, many people want to have life assurance so that when they die, their children or other loved ones will have some money to help them out. It must be really nice knowing that you can take care of your loved ones even after you have died. In these tough times, more and more people are finding that they need the money that they have saved up in their insurance policy to live off.
It is such a shame, but with prices going up and interest rates going down and shares not doing too well, many older people who are relying on pensions or interest to live on are really struggling. There is no way of knowing how long the recession is going to last and often for retired people, borrowing is not an option or not something that they want to consider doing. It is always a shame to see people who have worked hard all of their life and saved up towards their retirement, struggling with money. They must feel real sad themselves that they have to consider taking life insurance settlements rather than having the money for their children. Many people like to be able to die knowing that their children, grandchildren and loved ones are well cared for and that is why they take out these sorts of policy without a thought that they might need to take life settlements. It could be even harder if they have already promised the money to family members of friends and then have to stop them having it because they need it instead.
It could be even more scary, if they have an illness policy where it pays out if they get unwell to help towards their health cover and they have to forego that to live off. They then have a constant worry about whether they will be able to cover their medical expenses if they need to. This stress is not good for anyone and retirement is supposed to be the time of your life when you can relax and enjoy yourself, having all of those holidays that you didn't have the time to do when you were working or that you couldn't afford to take when you had children at home.