Chapel Hill, North Carolina Jun 29, 2021 (Issuewire.com) - Have you considered that thanks to your life insurance policy, you might be worth more dead than alive? If you’ve had this thought, it might be due to mounting medical costs or just the expense of day-to-day life. A life settlement might be the solution according to Viatical.Org
Your life insurance policy can provide a large windfall of cash in the event of your death, leaving funds to your beneficiaries. But what if you could use those funds now? You may need to cover medical or assisted living costs or you may simply desire money to enjoy while you are still living. Your loved ones are likely more self-sufficient than when you originally purchased your life insurance policy. You invested in that policy in order to protect them in the event of your untimely death, but now that they have grown up, it may be you that could use the money more than anyone else.
An existing life insurance policy is a powerful financial resource that many aren’t aware of that they can use during their lifetime rather than after they’ve passed away. Life settlements and viatical settlements allow policy owners to receive a lump sum of cash for their policy while the insured is still living. You may even qualify for a life insurance loan, allowing your current beneficiaries to remain on your policy.
What is a Life Settlement?
A life settlement is a transaction in which an investor purchases the ownership and beneficiary rights to an existing life insurance policy. In return, the policy owner receives a lump sum of cash and is no longer responsible for premium payments. Usually, the insured is age 65 or older and has had slippage in health since the inception of the policy.
Viatical Settlements
A viatical settlement is essentially the same transaction as a life settlement, but the insured has been assigned a shorter life expectancy, usually with 2 years or less to live.
Life Insurance Loans
Life insurance loans, also known as life insurance advances, can allow you to borrow against the death benefit of your policy. This type of loan (and any interest and fees) is paid back via the death benefit of your insurance policy. Your existing beneficiaries will receive the remaining portion. Usually, to qualify for this type of loan in the secondary insurance market, the insured has a severe or terminal health diagnosis.
If you have considered the thought that you may be worth more dead than alive, it may be time to explore these life settlement options. Do your homework by visiting Viatical.org and take the next steps to regain financial control of your life.
Media Contact
Viatical.Org admin@viatical.org 1-800-973-8258 P.O. Box 10, Nags Head, NC https://viatical.org/
