What’s Reverse Life Insurance?
life settlement broker Most people associate life insurance policies with death benefits, but they can also serve as financial resources during the policyholder's lifetime. For example, life insurance policies can be leveraged to cover expenses like medical bills or debt while the policyholder is alive.
The ability to sell a life insurance policy is a rising trend that many are unaware of. Referred to as ‘reverse life insurance’ or ‘life settlements,’ this process essentially converts a policy into immediate cash value. Converting a policy to cash can be an ideal choice for those requiring immediate financial assistance.
What is Reverse Life Insurance? How Does it Work?
Can I sell my life insurance There’s a common misconception that ‘Reverse Life Insurance’ and ‘Life Settlements’ are the same, but they differ. 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. Life Settlements, on the other hand, refer specifically to the sale of a policy to a third party for more than its cash surrender value.
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