Life settlements is nothing but an option available with special insurance policies who when the owner of the policy did not want to have any more insurance policy in his name can in fact sell it to someone else other than the beneficiaries and transferring all the existing and future benefits of the policy to the buyer. Thus the original policy owner or the seller will get all the cash benefit when needed especially with life insurance settlements and can even get the benefits of the policy till the time he owned it.
There are such benefits available for senior settlements too and thus any senior citizen similarly can sell off their unwanted and unused life insurance policy/policies to the third party and thus transferring with it all the benefits that is applicable to the life settlements along with it.
But before buying or selling your life insurance settlements policies you should make sure that you read all the hidden and applicable pre-conditions that comes along with it. All the future premiums will be paid by the prospective buyer after buying either the life or senior settlements policies. Although this is similar to regular policies but there are differences in premium which will be slightly higher for such settlement policies.