A life settlement can offer several financial advantages, especially for seniors who no longer need their life insurance policy or can't afford the premiums. One of the biggest benefits is that it provides a lump-sum cash payment that is often significantly higher than the policy's surrender value. This can be especially helpful for covering medical expenses, long-term care, or supplementing retirement income. It also allows policyholders to unlock value from an asset that might otherwise lapse unused. Unlike loans or credit, the funds from a life settlement can be used without restrictions or repayment obligations. In many cases, the money can help improve quality of life during retirement or reduce financial stress. Another advantage is that it eliminates the need to continue paying premiums, which can become burdensome over time. For those whose beneficiaries no longer need the death benefit, a life settlement offers a practical and immediate financial alternative.