Understanding Reverse Life Insurance
Can I sell my life insurance While it’s common knowledge that life insurance policies are designed to provide monetary benefits to beneficiaries after the policyholder’s death, these policies also have other versatile uses. 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. The term ‘reverse life insurance’ simply refers to the act of turning a policy into instant cash. Converting a policy to cash can be an ideal choice for those requiring immediate financial assistance.
What is Reverse Life Insurance? How Does it Work?
viatical settlement calculator ‘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. In Life Settlements, the policyholder sells their policy for more than the surrender value but less than the full death benefit.
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