A life settlement allows the policy owner to utilize life insurance as an asset while the insured person is still alive. A policy owner elects to sell their policy for many reasons. Among the prominent reasons:
- The policy is no longer needed, wanted, or is about to lapse.
- The premiums are no longer affordable.
- Death of the policy beneficiary.
- Cash needs have increased or changed.
- Way to supplement retirement savings.
- Way to fund medical or long term care.