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Viatical settlement: A viatical settlement involves selling your life insurance policy to a third party, often when you have a terminal illness and a life expectancy of less than two years. The ...
A life settlement or viatical settlement (from Latin viaticum, something received before death) [1] is the sale of an existing life insurance policy (typically of seniors) for more than its cash surrender value, but less than its net death benefit, [2] to a third party investor. [3]
Before life settlements, if you owned a life insurance policy that you no longer wanted or needed, you had two choices: surrender the policy for its cash value or allow it to lapse.
Surrender your policy: Permanent life insurance policies with cash value can be surrendered, allowing you to receive the surrender value — the cash value minus any fees or outstanding balances ...
Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a cash value up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value.
Mutual Benefits Corporation was a Ft. Lauderdale, Florida based investment sales company that operated a huge ponzi scheme selling viatical settlements, with investors losing an estimated $835 million. The principal ring leader of the scam was Joel Steinger.
The ins and outs of life insurance can be complex. That can be especially true if you want to sell your life insurance policy. There are two types of settlements: life settlements and viatical ...
[2] [6] A Benefit Plan is separate from a long term care insurance policy because it allows policy holders to use any form of life insurance policies to pay for long term care. The plan converts a death benefit into a living benefit. [2] Life insurance policies can be converted into a Long Term Care Benefit Plan for 30 to 60 percent of the ...
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