What is Reverse Life Insurance?
viatical settlement calculator 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. The term ‘reverse life insurance’ simply refers to the act of turning a policy into instant cash. For those needing a sudden influx of funds, this option could be both viable and lucrative.
Understanding How Reverse Life Insurance Functions
viatical settlement calculator ‘Reverse Life Insurance’ and ‘Life Settlements’ are terms that many confuse, though they have distinct meanings. Both involve converting death benefits into immediate cash value, but they are not identical.
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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