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Life Insurance Settlement
A life insurance settlement is the sale of a life insurance policy (whole life, term, universal life, etc.) covering the life of one or more individuals with an Â"ascertainable and limitedÂ" life expectancy. A life insurance settlement is usually most beneficial seniors over the age of 65.
Some basic qualifications for a life insurance settlement are the above-mentioned age and health requirement, policy is assignable and beyond the contestability period, and the policy must be issued by a US insurance company. The higher the insurance company rating could provide a higher settlement amount.
The policy owner is paid a lump sum in cash in exchange for transferring ownership of the policy and premium requirements to...
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