What’s Reverse Life Insurance?
Can I sell my life insurance Most people associate life insurance policies with death benefits, but they can also serve as financial resources during the policyholder's lifetime. Ensuring medical or debt-related costs are handled is just one way these policies can provide a safety net during challenging times.
Few people know they can sell their life insurance policy, but this is becoming a more common practice. Referred to as ‘reverse life insurance’ or ‘life settlements,’ this process essentially converts a policy into immediate cash value. Converting a policy to cash can be an ideal choice for those requiring immediate financial assistance.
Understanding How Reverse Life Insurance Functions
viatical settlement broker ‘Reverse Life Insurance’ and ‘Life Settlements’ are terms that many confuse, though they have distinct meanings. Both involve converting death benefits into immediate cash value, but they are not identical.
Reverse Life Insurance broadly encompasses options for turning life insurance policies into liquid assets. 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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