A life settlement is the sale of an existing life insurance policy to a third party for more than its cash surrender value, but less than its net death benefit. There are a number of reasons that a policy owner may choose to sell his or her life insurance policy. The policy owner may no longer need or want his or her policy, he or she may wish to purchase a different kind of life insurance policy, or premium payments may no longer be affordable. Policy owners often learn about settling their policies from a financial planner or advisor, insurance broker, attorney, friends or family, or estate planning presentations.
Read more about Life Settlement: Life Settlement History, Providers, Brokers, Investors, Life Expectancy Providers, Stranger-Originated Life Insurance ("STOLI"), Regulation, Major Study Findings
Famous quotes containing the words life and/or settlement:
“One reason writers write is out of revenge. Life hurts; certain ideas and experiences hurt; one wants to clarify, to set out illuminations, to replay the old bad scenes and get the Treppenworte said—the words one didn’t have the strength or ripeness to say when those words were necessary for one’s dignity or survival.”
—Cynthia Ozick (b. 1928)
“Before I get through with you, you will have a clear case for divorce and so will my wife. Now, the first thing to do is arrange for a settlement. You take the children, your husband takes the house, Junior burns down the house, you take the insurance and I take you!”
—S.J. Perelman, U.S. screenwriter, Arthur Sheekman, Will Johnstone, and Norman Z. McLeod. Groucho Marx, Monkey Business, terms for a divorce settlement proposed while trying to woo Lucille Briggs (Thelma Todd)