What is a life insurance settlement?
Life settlement is the term used to describe the process by which a senior sells an existing and unwanted life insurance policy to a third party. This frees the senior from the policy premium payments, and the policies can oftentimes be sold at a significantly higher value than the insurance company is willing to pay. Life Settlements are a legitimate financial solution for many seniors who desire an immediate cash return on the investment they’ve made over the years in policy premiums. Most people are not aware that they can sell their policy for cash proceeds that can be used in whatever manner they wish. How old is the Life Settlement industry? The Life Insurance Settlement industry is relatively new. It emerged in 2001 when The National Association of Insurance Commissioners (NAIC) declared the sale and acquisition of policies as a legitimate practive. The industry has grown rapidly since then. How does a Life Settlement work? What are the steps? The steps in a Life Settlement tran
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