To fully realize the monetary value of an insurance policy before it reaches the period of maturity, seniorenarbeit can go for ‘senior life settlements’. In recent times there has been observed a trend in which it was seen that most policies would just lapse or were surrendered as the seniorenarbeit were just not able to keep up with the payment of the premiums. But a senior life settlement gives seniorenarbeit the opportunity to settle their policies with a buyer.

The origins of the senior life settlement procedure can be found in the viatical settlement scheme. Previously, viatical settlement was imparted to patients who were terminally ill and has a life expectancy of 2 years or less, like patients with AIDS. This period however, is not something which can be determined effectively as medicines can play their part and the even the most terminally ill will live beyond two years. Thus came the trend of senior life settlement, from viatical settlement, for people who had a life expectancy of beyond 2 years. The age for being liable to get a senior life settlement differs in many states but it is usually valid for people who have crossed the age of 65. This came as a boon for most seniorenarbeit, especially for those who had no sources of income and had to pay their premiums. Now their policies will no longer lapse as they can settle it with a buyer and be done with the hassle of the payment of premiums.

There are several bodies in different governments of most countries that regulate the policies, rules and regulations that look over senior life settlements. For instance, the National Association of Insurance Commissioners (USA) sanctioned the viatical settlement act in the year 2001—the guidelines for senior life settlement operate under the policies of this act.

At present, the senior life settlement sector has outgrown many predictions and is now a multimillion dollar industry. In the US alone, it was found, that the senior life settlements paid somewhere around $350 million to seniorenarbeit. This only accounts for 25% of the total number of policies that qualify under the 2001 act. Each year, as seniorenarbeitbecome aware of this industry, the number of settlements of policies is increasing leading to a massive growth. There are numerous reputed life insurance companies around the globe that deal with senior life settlements. A projected growth of $15-20 billion worth of settlements is expected by the end of this year.