Life Settlements
If you need additional income later in life, you can sell an existing insurance policy to a third party for a one-time cash life settlement payment.
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What Are Life Settlements?
- When you sell your life insurance policy to someone else, you receive a life settlement in exchange for the policy.
- After your life insurance policy is sold, the purchaser becomes the policy’s beneficiary and will pay the premiums on the plan.
- The purchaser receives the death benefit when the insured passes away.
Why Sell Your Life Insurance Policy?
- Life settlements are ideal for people who can no longer afford to pay their life insurance premiums.
- When you receive a life settlement payment, the cash payment is typically tax-free for most policy owners.
- Your life settlement can be used to maintain a desirable lifestyle in retirement, especially if you don’t have other assets to rely on.