What is a Life Insurance Buyout?

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Great question. A life insurance buyout is just another way of saying a a life settlement, which is the technical term for the process of selling your life insurance to a third-party investor if you no longer want or can afford it. A settlement a somewhat-simple transaction that pays the policy owner (you) an upfront cash payout, or a yearly payout. For this payout, you assign the policy to the buyer so that they own the policy and collect the death benefit at a future date when you pass away. 

Most people who pursue a life settlement do it if they have a life insurance policy which you no longer want, need or can afford. This article summarizes the important things you need to know about a life insurance buyout.

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When Should Seniors Consider a Life Settlement?

 

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Are you a senior considering a life settlement? It could be a great financial option for you and your family depending on the scenario. 

Whether or not you should consider a life settlement depends on your personal financial situation, goals, and needs. In general, a policyholder may consider selling their policy because their current financial situation does not warrant the need for a policy any longer. Below are some of the most common reasons why policyholders may abandon their policy.

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