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Everything You Nee To Know About Life Settlements
By Sam Stone
Life settlements are very interesting and in fact many individuals are unaware of their existence.
Basically, a life settlement is when someone invests in an elderly person’s life insurance policy. What
does that mean exactly? Keep reading, the answer is on its way.
Many individuals have life insurance policies. In fact, lots of people buy large life insurance policies
when they are younger and their health is good. The main reason in buying the large policy is to leave
something to their spouse, children, or other family members. However, over time the individual’s
health may decline. A heart attack, stroke, or cancer may require costly medical treatments.
The life insurance policy then becomes an asset in the sense that the policy holder can access the
cash value. After the cash value has been used up, however, the life insurance policy simply becomes
another expense. Keeping up the premiums may require a home equity loan or another type of loan.
Most older individuals do not want to put money they don’t have into their life insurance policy. The
result is the policy expires or the individual can continue paying premiums. Since many policy holders
can no longer afford the premiums the only option seems to be to let the policy lapse. But, there is still
another option. This is to allow an investor to pay you for your policy and then name that individual as
the beneficiary.
For example, your life insurance policy is $