Retained Death Benefit in Fort Lauderdale – Cash Now, Coverage Later

If you live in Fort Lauderdale and own a life insurance policy you no longer need—or can no longer afford—you may think your only options are to let it lapse or surrender it for a small payout. But there’s a smarter choice: a Retained Death Benefit .

At Summit Life Insurance, we help policyholders unlock immediate cash while still keeping a portion of their death benefit for loved ones. It’s the best of both worlds—financial relief today, and security for tomorrow.

What Is a Retained Death Benefit?

A Retained Death Benefit is a type of life settlement option that allows you to:

✔ Receive a lump-sum cash payout now
✔ Eliminate future premium payments
✔ Retain a portion of the death benefit, which your heirs will receive when you pass away

This makes it a great choice if you want to:

• Stop paying expensive premiums

• Access cash for retirement, healthcare, or debt

• Still leave behind a legacy for your family

How Does a Retained Death Benefit Work?

The process is simple when working with Summit Life Insurance in Fort Lauderdale:

1. Policy Evaluation – We review your policy details and eligibility.

2. Market Your Policy – We present it to multiple licensed buyers.

3. Cash + Retained Benefit – You get cash now, and the buyer agrees to reserve a portion of the death benefit for your beneficiaries.

4. Premiums Stop – You never pay another premium.

Example Scenario

David, age 74, owns a $500,000 Universal Life policy with a $600 monthly premium.

Through a Retained Death Benefit settlement:

✔ He receives $70,000 cash immediately.
✔ Keeps a $150,000 death benefit for his heirs.
✔ Premiums end—saving him $7,200 per year.

Result: David gets financial relief while still protecting his family.

Who Qualifies for a Retained Death Benefit in Fort Lauderdale?

You may qualify if you:

✔ Are 65 or older (or younger with significant health issues)
✔ Own a life insurance policy with a face value of $100,000 or more
✔ Have Whole Life, Universal Life, or Convertible Term insurance
✔ Want both cash today and partial coverage for your family

Tax Implications of a Retained Death Benefit

Like other life settlements, RDBs may have tax consequences:

• Premiums paid → Tax-free return of basis

• Gain up to cash surrender value → Taxed as ordinary income

• Excess above surrender value → Taxed as capital gains

Always consult a tax advisor to understand your unique situation.

Why Consider a Retained Death Benefit in Fort Lauderdale?

Fort Lauderdale residents often choose RDBs for:

✔ Retirement income – Use your policy to fund travel, living expenses, or leisure.
✔ Healthcare costs – Cover long-term care or medical bills.
✔ Debt relief – Pay off mortgages, credit cards, or loans.
✔ Family support – Leave a guaranteed death benefit without paying premiums.

Why Work With Summit Life Insurance?

✔ Licensed Florida Broker – Full compliance with state laws.
✔ Local Expertise – We serve Fort Lauderdale and surrounding areas.
✔ Access to Multiple Buyers – More competition = higher offers.
✔ Customized Solutions – We’ll help decide if RDB or full settlement is right for you.
✔ Transparent Service – No hidden fees, no surprises.

FAQs About Retained Death Benefit in Fort Lauderdale

1. How much death benefit can I keep?
Usually 10%–30% of the original face value, depending on the buyer’s offer.

2. Do I have to keep paying premiums?
No. The buyer takes over all future premium payments.

3. Is this legal in Florida?
Yes. Florida regulates life settlements, including retained death benefit options, for consumer protection.

4. How long does it take to get paid?
Most settlements close in 30–60 days.

Final Thoughts

A Retained Death Benefit is the perfect solution for Fort Lauderdale residents who want to unlock the hidden value of their life insurance policy—without giving up everything. You get cash today, eliminate premium payments, and still keep part of your death benefit for your family.

At Summit Life Insurance, we make the process easy, transparent, and tailored to your needs.

Contact Summit Life Insurance today for a free policy review and discover how much cash and retained benefit you can secure.