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Understanding Life Settlements and Cashing Out Insurance
A life settlement is a financial transaction where the owner of a life insurance policy sells it to a third party for a lump sum that is more than the policy’s cash surrender value but less than its death benefit. This arrangement is typically considered by individuals over the age of 65 who may no longer need the coverage or find it difficult to continue paying premiums. The buyer takes over the policy, pays any future premiums, and eventually receives the death benefit when the insured person passes away.
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