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What is Life Settlement?
A life settlement is the "legal" sale of an existing life insurance policy (typically of seniors) for more than its cash surrender value, but less than its net death benefit ( via Institutional investor)). There are a number of reasons that a policy owner may choose to sell his or her life insurance policy. The policy owner may no longer need or want his or her policy, he or she may wish to purchase a different kind of life insurance policy, or premium payments may no longer be affordable.
Viatical settlements are similar but not the same as life settlements. For a viatical settlement, a person who is selling his policy (viator) is terminally or chronically ill.
Source: https://en.wikipedia.org/wiki/Life_settlement
Viatical settlements are similar but not the same as life settlements. For a viatical settlement, a person who is selling his policy (viator) is terminally or chronically ill.
Source: https://en.wikipedia.org/wiki/Life_settlement