Life Settlements

A life settlement is a financial arrangement where a person with a life insurance policy sells that policy to a third party for a lump sum payment. The buyer then becomes responsible for paying premiums and, upon the original insured’s death, receives the policy’s death benefit. This option often provides the policyholder with more immediate cash compared to surrendering or surrendering the policy back to the insurance company. Life settlements are typically used by seniors or those with limited financial options to access value from their life insurance policies during their lifetime.