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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.
When selling a life insurance policy, you typically have two options: a viatical settlement or a life settlement. The choice between these two usually depends on your health and financial needs.
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.
The determination of the cash value, both the base amount and the applicable surrender charge, in the contract can be explicit by determining the value for each surrender date (guaranteed cash values), by referring to the value of specific investments or subject to the discretion of the insurance company, which is often executed to bring cash values in line with values of the investments of ...
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 ...
Life insurance can prove to be a valuable asset if you'd like to leave a death benefit behind for your loved ones. But if you decide you no longer need your current policy or you need cash now ...
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