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Further information about life settlements and viaticals

• fast access to cash - 30% to 80% of the death benefit of the life insurance policy.
• potential large settlement from an unexpected source. Life settlements are ideal for turning business life insurance polices into cash upon retirement - a situation where most businesses would simply let the policy lapse.
• Settlement may be tax free (in some cases)
• Most policy types eligible, including term insurance.
• Available to a wider group of people than accelerated death benefits - including people with longer life expectancies.
• No further life insurance premiums will be paid by you for that policy.
• 15 day right to rescind.

• Settlement may be partially or completely taxable (in some cases)
• No future access to policy cash value (if policy has cash value)
• No death benefits for beneficiaries - as they have no further rights or benefits under the policy. (Note: in some cases, part of the life settlement proceeds can be used to purchase a new insurance policy, mitigating this concern).

• fast access to cash
• You may be able to access the cash value as a loan on the policy without cancelling the policy. Thus the policy would still be in force. The cons to this approach are that the premiums would still be payable on the policy, interest on the cash value loan would accrue and the loan as well as any interest may reduce the death benefit.

• Cash value may be taxable
• Premiums must still be paid to keep policy in force.
• Settlement amount is possibly substantially smaller than a life settlements or viatical settlement.
• No death benefits for beneficiaries as policy is now cancelled.

• fast access to cash
• Settlement may be tax free (in some cases)

• No death benefits or limited benefits for beneficiaries.
• Premiums must continue to be paid to ensure the remainder of the death benefit is paid out.
• Not all types of insurance will qualify.
• Not all companies may make this available,nor will all policies qualify.