Life settlements are very interesting and in fact many individuals are unaware of their existence. Basically, a life settlement is when someone invests in an elderly persons life insurance policy. What does that mean exactly? Keep reading, the answer is on its way.
Many individuals have life insurance policies. In fact, lots of people buy large life insurance policies when they are younger and their health is good. The main reason in buying the large policy is to leave something to their spouse, children, or other family members. However, over time the individuals health may decline. A heart attack, stroke, or cancer may require costly medical treatments.
The life insurance policy then becomes an asset in the sense that the policy holder can access the cash value. After the cash value has been used up, however, the life insurance policy simply becomes another expense. Keeping up the premiums may require a home equity loan or another type of loan.
Most older individuals do not want to put money they dont have into their life insurance policy. The result is the policy expires or the individual can continue paying premiums. Since many policy holders can no...
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