Understanding Reverse Life Insurance
viatical settlement calculator Most people associate life insurance policies with death benefits, but they can also serve as financial resources during the policyholder's lifetime. These policies can act as a financial cushion, covering costs such as medical or debt-related expenses.
Moreover, selling your life insurance policy is a lesser-known but increasingly popular option. Reverse life insurance, or life settlements, lets policyholders transform their policy into cash on hand. This option can be particularly beneficial for individuals seeking immediate financial relief.
Understanding How Reverse Life Insurance Functions
life settlement broker The terms ‘Reverse Life Insurance’ and ‘Life Settlements’ are often used interchangeably, leading to confusion. Though related, Reverse Life Insurance and Life Settlements are not synonymous.
As a broad term, Reverse Life Insurance includes various methods of converting a policy into cash. Life Settlements, on the other hand, refer specifically to the sale of a policy to a third party for more than its cash surrender value.
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