Life Settlements

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Life Settlements A life settlement is the sale of an existing life insurance policy to a third party for a lump sum of cash. The buyer of the policy assumes responsibility for paying the premiums until the insured person dies, at which point the buyer collects the death benefit Payment is more than the surrender value but less than the actual death benefit. After the sale, the purchaser becomes the policy's beneficiary and assumes payment of its premiums. The biggest thing to consider when determining if selling your policy is right for you is whether you need the coverage. Unfortunately due to the high rise of fraudulent activities, life settlement industry has become heavily regulated. Some jurisdictions require a waiting period (say two years) from the time a life insurance policy is issued to when it can be sold. If someone needs their life insurance coverage and can afford it, they shouldn’t sell it. Life settlements are for people who either no longer want or need their coverage or simply cannot afford it any longer. Life Settlements is becoming a mainstream financial option nowadays for many policy holders. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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