Did you know that you can sell your life insurance policy to a third party? You can. These are called viatical settlements or life insurance settlements. The owner (viator) sells the policy for a percentage of the death benefit. The buyer now becomes the new owner and/or the beneficiary of the life insurance policy. This buyer is now responsible to pay all future premiums and collect the death benefit when the insured dies. Some consumers who want to use this kind of settlement have had life-threatening illness and have sold their insurance policies for immediate cash. A healthy person can choose this same kind of settlement to get cash too.
Be sure to check out all your options before you choose to make a life insurance settlement. This type of settlement might not be the right one for you. Check with your state's department of insurance if you are concerned about someone approaching you for an insurance settlement. It's possible you are being targeted for some kind of insurance fraud. If you are being asked to buy a settlement or invest in one learn all about the issues and risks and once again check with your state's department of insurance.
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