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life
insurance settlement is when the policy holder sells his or her
life insurance policy for a cash amount. This settlement
stops the monthly premium payments for the policy holder.
The buyer of the life insurance policy, usually an
investor/financial institution, continues the premium payments
and receives the death benefits when the insured dies.
The
two kinds of life insurance settlements depend on the health of
the insured. Senior or 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. 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: https://www.calbrokermag.com/Magazine/story/april/LifeSettlements-Mountain.htm.
Companies
who will buy your policy:
https://www.ideal.bz/
https://www.life-insurance-settlement.com/life-insurance-settlement.html
Check
out a company with the Better Business Bureau before you do
business with them: https://search.bbb.org/search.html.
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