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It’s a commonly-held belief that proceeds from a viatical settlement aren’t taxed like ordinary income. While that’s generally true, there are specific conditions that must be met by the policyholder and the company that purchases the life insurance policy. Read more
While purchasing a large life insurance policy in your 30’s was probably a wise move (especially if you were supporting a growing family) that big policy may not be such a great deal after the kids move out. You may no longer need assurances that the death benefit bestowed upon your family by your insurance company will be large enough to securely launch your children into adulthood. Maybe your nest egg isn’t as large or secure as you’d like, and adding a sizeable lump sum would allow you to more easily afford rising health care costs and travel more frequently. Read more
