What’s Reverse Life Insurance?
viatical settlement 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. These policies can act as a financial cushion, covering costs such as medical or debt-related expenses.
Moreover, selling your life insurance policy is a lesser-known but increasingly popular option. Reverse life insurance, or life settlements, lets policyholders transform their policy into cash on hand. For those needing a sudden influx of funds, this option could be both viable and lucrative.
Reverse Life Insurance Explained: How Does It Work?
viatical settlement broker ‘Reverse Life Insurance’ and ‘Life Settlements’ are terms that many confuse, though they have distinct meanings. Though related, Reverse Life Insurance and Life Settlements are not synonymous.
As a broad term, Reverse Life Insurance includes various methods of converting a policy into cash. 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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