Life Settlement Concept
Found this interesting definition about life settlements, it is not that accurate.
Life settlements, also called viatical settlements, are arrangements that allow a person to buy the life insurance policy of someone who is terminally ill. Life settlements are not sold for the full value of the life insurance policies in question, but for a percentage of the value of the policy that is agreed upon by the owner of the policy and the person who is buying the policy.
One reason people may be interested in life settlements is if they are dying of a particularly expensive disease, and would rather pay their bills now than leave a huge debt for their beneficiaries to pay. With life settlements, you get a piece of the financial pie now rather than leaving the whole pie to your beneficiaries to be cut up and divided after your death.
As if the whole concept of life settlements were not already grisly enough, there are life settlements brokers who are third parties who arrange the sale of life insurance policies between a terminally ill patient and the person who wants to purchase a life insurance policy.
As you can see above, his statements are not accurate. If you have any questions regarding your life settlement situation, please call us toll free at 1-888-973-8377 or email us.
