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life insurance settlements occur when the owner of a life
insurance policy decides to sell his or her policy for cash.
The buyer, an investor or a financial institution, after
buying a policy, provides benefits for both themselves and the
policy holder.
Benefits for the policy holder include the fact that he or
she no longer has to pay the premiums because the buyer takes
this responsibility. Secondly,
this expense can sometimes become too expensive and thus by
selling, the policy holder ends these payments.
Benefits for the buyer include receiving the death benefits
after the policy holder dies.
Two kinds of life insurance settlements:
1.
Life Settlements are for policy holders over 65 who are
not terminally ill and have decided that they do not want or
need the policy anymore or the policy is becoming too expensive
and they don't have the income to pay for the premiums.
2.
Viatical
settlements are for those who are terminally ill.
The
sale price is determined by the fair market value of the
policy. Here is an article on fair market value: http://www.calbrokermag.com/Magazine/story/april/LifeSettlements-Mountain.htm.
Companies
who will buy your policy:
http://www.ideal.bz/
http://www.life-insurance-settlement.com/life-insurance-settlement.html
http://www.viaticalsettlementsinc.com/SiteResources/Data/Templates/homepage.asp?DocID=514
Check
out a company with the Better Business Bureau before you do
business with them: http://search.bbb.org/search.html.
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