Viatical Settlements. Years ago you bought a life insurance
policy, and your intent was to provide cash for your family in the event
of your premature death. Now, your children are grown and gone off to
make their own lives. Your wife and yourself had a good life but...now
you have discovered that you are terminally ill.
There are companies called viatical investment companies which will buy your life insurance policy for a percentage of it's death benefit value thereby allowing you to have money to pay medical expenses etc, easing your financial burden. Such transactions are referred to as viatical settlements.
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Why Would You Sell Your Life Insurance Policy?
If you are single, widowed, and have nobody dependent on you for support then getting involved in a viatical settlement may be a good idea. If you are married and your wife has no need for your life insurance policy then you may decide to sell your policy.
You may need cash to replace loss of income and have no disability insurance to do the job. You may not be able to pay premiums anymore. You may have medical expenses for which you can find no other way to pay them. You may have debt that is causing you tremendous stress. For these reasons you may want to sell your policy.
Who Buys Life Insurance Policies And How Much Will You Get For Your Policy?
Investors buy life insurance policies usually for about 60% of their face value. When the insured dies these investors are paid the full face value of the policies. In the meantime they have to pay the premiums.
You can sell your life insurance policy directly to a viatical investor, or you can go to a broker who usually tries to get the best deal for you.
Should You Sell Your Life Insurance Policy?
Let us try to look at both sides of the coin; this may be difficult for a person in that particular situation, but try O.K.
By selling your policy you get sufficient cash to ease or even eliminate financial burdens, however, you may lose your eligibility for public assistance. Bear in mind that if you live long enough, in your physical state, public assistance can be substantial.
Although you get your hands on additional money to compensate for income loss you are sacrificing your life insurance and thus depriving those you intended this benefit for.
Because viatical settlements are a fairly new idea the tax implications are not yet set in stone. One court recently decided that cash received from such settlements are taxable.
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Term life insurance is life insurance in it's simplest form. These policies stay in force for a specific number of years, for example, 5 years 10 years etc.