Life Insurance Settlement: The Synopsis


Also called as Senior Settlement, Insurance Settlement, or Life Settlement, the Life Insurance Settlements are cash settlements for life insurance policies that have been sold to third parties. It usually exceeds the insurance policy’s cash surrender value, even if sometimes there is nothing that exists.

Usually, senior settlements or life settlements are approximately three to five times higher than the policy’s cash surrender value. Life settlement is for individuals who do not have a chronic or terminal illness and sells the insurance policy for cash to meet expenses, to reduce premiums, and to change the needs of dependents. On the other hand, Viatical settlement is for individuals who have chronic or terminal illness and sells their insurance policy.

Both viatical and life settlements provide the same service to the insured person. They only have a slight difference. Both settlements have policy owners and funding Life Settlement companies who then take ownership of the life insurance policy in exchange for a certain amount of money. The difference between them is based on the insured person’s expected life span. If the life expectancy of the insured person is two to fifteen years, the service is considered to be a life settlement. However, if the life span of the insured person is shorter than two years, the service is then deemed viatical. From the Latin word “viaticum”, viatical means to be given a living expense or stipend.

The policies that qualify for viatical or life settlements include corporate-owned policies, key-man, group, joint-survivorship, term, universal life, whole life, and policies under irrevocable life insurance trusts. A viatical settlement can also be exempted from tax if it meets certain criteria such as the regulatory definition of an insured individual with a chronic or catastrophic illness and it should come from a licensed broker.

Today, those who have life insurance policies that they no longer need or can no longer afford to pay the monthly premiums are glad to have an alternative like the life or viatical settlement. They can now sell their insurance policy for more than what the insurance carrier could offer. Life Insurance Settlements provide an exceptional opportunity for policy holders to extract the probable maximum value from their policies and repurpose the funds for any kind of financial needs that may arise.

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