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SARRERA DESBERDINA:
Life settlement
A life settlement is the legal sale of an existing life insurance policy (typically of seniors) for more than its cash surrender value, but less than its net death benefit, to a third party investor.[1] The investor assumes the financial responsibility for ongoing premiums and receives the death benefit when the insured dies. The primary reason the policyowner sells is because they can no longer afford the ongoing premiums, they no longer need or want the policy, to fund long-term care, increased medical costs, or they need money for other expenses.[2][3] On average, the policyowner receives three to five times more than the surrender value for the policy.[4][5]
In a retained death benefit transaction, policyowners receive cash payments and their beneficiaries also receive a payment after the insured dies. After the transaction has closed, there are no future premium obligations[6][7]
Term, permanent, or whole life insurance policies qualify for life settlement. Most commonly, universal life insurance policies are sold.[8][9][10] Policyowners are generally 65 or older and own a life insurance policy worth $100,000 or more.[10]
