Life Settlements may be an effective tool in financial planning for retirement living. A Life Settlement is a financial transaction in which the owner of a life insurance policy sells an unneeded policy to a third party for more than its cash value and less than its face value. Available for term, universal or whole life policies provide three-to-four times the cash surrender value of your insurance. Financial advisors will typically work with a Life Settlement broker to achieve the highest price possible for the policy. Contact your local financial advisor for more information concerning Life Settlements.