Timeline of Life Settlements
Life insurance is often a senior’s largest asset and one they can use to alleviate retirement challenges – but they don’t treat it that way.
They rarely realize it belongs to them, not the insurance company, and can be sold for more than its cash surrender value, but less than its death benefit, if they believe there is a better for the equity they have built.
A life insurance policy is personal property and selling it for a fair market value is a legitimate, safe and viable choice to create more options for the future.
A life settlement is not a loan, it is a one-time cash transaction that results in a full transfer of ownership in exchange for a lump-sum payment. The money belongs entirely to the policy seller and can be spent at his or her discretion.
Life Settlements can also be in the form of a paid-up death benefit.
Here is the Historic Timeline of Life settlements.