In recent years cashing a life insurance policy has become a very common practice.
It used to be that most life insurance policies were left in force in order that the intended beneficiaries could receive the face value of the insurance policy upon the death of the insured.
Ever since the inception of the aids virus people with the disease have
searched for ways to get their hands on cash to pay medical bills and in
some cases just to live.
Thus, if these people have life insurance policy with large cash values they end up cashing a life insurance policy or selling their life insurance policies.
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Even the people who are receiving
are cashing their settlements in return for an immediate lump sum.
These companies that buy these settlements or policies are enjoying a real bonanza...but the person with the terminal illness and their families are really losing in the end.
These investment companies buy life insurance policies
from terminally ill people for a percentage of the face amount of the
The investment company pays all premiums for as long as the insured stays alive and collects the death benefit upon his or her death.
The investment company is called a viatical company. Selling the policies can be referred to as "viatication".
In some situations people who are not terminally ill also sell
their policies. In their situation their health has declined and they
are in need of cash.
These are referred to as life insurance settlements. Instead of cashing a life insurance policy or selling your life insurance policy it may be prudent to take a loan from your policy if the "loan value" is sufficient to meet your financial needs.
Keep in mind that there may also be tax implications involved with cashing a life insurance policy or selling it.
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I recently did some research on the development of the 30 year term insurance policy over the years. What I learned was quite interesting.
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