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  Insurance Settlements

A life settlement (also known as a senior settlement or a viatical settlement) is the transfer of a life insurance policy from the policy holder to a licensed life settlement funder. This is an option for an individual who no longer wants his life insurance plan and would prefer to receive money for it now. In exchange for rights to the future insurance payout upon the former policy holder's death, a life settlement company pays a lump sum to the policy holder and takes over all future payments. A policy holder can receive significantly more money through a life settlement than through a policy cash surrender offered by the insurance company. The payout from either of these options is much smaller than the value of the life insurance.