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Author Topic: Life Settlements  (Read 1799 times)

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Offline doglover35

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Life Settlements
« on: May 23, 2011, 12:15:23 PM »
Does anyone know anything about life settlements?  Looking for information and advice on this.  I am one hospital stay away from losing my house and pets.  They are the only thing keeping me going right now.  I have given a lot of thought to this but would like to hear from anyone else out there.

Offline JR Gabbard

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Re: Life Settlements
« Reply #1 on: May 23, 2011, 01:41:48 PM »
Welcome to the forums, doglover35!

Life settlements and viatcals are when someone with life insurance sells their policy to an investor for a lump-sum payment.  Life settlements are generally for the very old, viaticals are generally for persons with a terminal illness.

After you sell your policy, the investor takes over the monthly payments.  The amount of the settlement would depend on how much you are insured for (ie a $100,000 policy) and how much longer you can be expected to live, according to the investor's calculations.  The longer you are expected to live, the less you would receive.

The settlement would give you money that you otherwise would never see (since the policy pays off after your death), but if you have a beneficiary who would need the support after you die, the settlement cuts them off.
This website gives a good overview of viaticals.

If you have a question about your specific situation, PM me.
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