Senior citizens interested in broadening the scope of their financial planning in the realm of life insurance now have access to FLEX (Flexible Life Exchange), a new planning tool recently introduced by Bethesda, Maryland-based specialty finance company, Maple Financial.

FLEX allows qualified seniors to convert their unwanted or underperforming life insurance policies into immediate cash while maintaining a reduced amount of coverage and with no premium responsibility. The program offers seniors additional options compared with traditional life settlements by providing them with both settlement cash as well as life insurance benefits.

“Choices are a key element in meeting consumer needs,” says Nate Evans, president and CEO of Maple Life Financial. “A Flexible Life Exchange (FLEX) presents seniors with the opportunity to customize their opportunities according to their financial needs.”

Ideal candidates are policyholders age 60 or older who have experienced a health condition change, have a life expectancy greater than two years, and own a transferable universal life, variable universal life, second-to-die, or convertible term life insurance policy with face amount(s) greater than $2.5 million, according to Maple Life Financial (www.maplelifefinancial.com).