Life Insurance Policy Archives - High On Gloss https://highongloss.com/tag/life-insurance-policy/ Indian Beauty, Fashion And Lifestyle Blog Sat, 29 Feb 2020 09:15:51 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://highongloss.com/wp-content/uploads/2020/05/cropped-HOG-32x32.png Life Insurance Policy Archives - High On Gloss https://highongloss.com/tag/life-insurance-policy/ 32 32 117806814 Your Guide To Life Insurance Settlements https://highongloss.com/your-guide-to-life-insurance-settlements/ https://highongloss.com/your-guide-to-life-insurance-settlements/#comments Tue, 12 Feb 2019 23:35:40 +0000 http://sh043.global.temp.domains/~nmisuvmy/?p=9217 ~~SPONSORED POST Taking a life insurance policy is one of the wisest decision of your life. It serves you even after you are gone. Money can’t replace you, but can surely aid your family members while you’re gone. I am not going to talk about why you should be taking up a life insurance policy or which brand is good. I am going to talk about Life Insurance Settlements, which is relatively a new term for us. Life Insurance Settlement A life insurance settlement is sale of a life insurance policy to an investor for an amount more than the policy’s cash surrender value but less than the death benefit or cash payout to the beneficiary. In simpler words, the insurance policy is sold to a life insurance settlement provider. The policyholder transfers the owner ship of the policy to the life insurance settlement provider. The former policy holder is no longer liable to pay the policy premium or any other expense related to the policy. Why Life Insurance Settlement Is Needed? There are many cases when you might want to sell off your life insurance policy. You receive a cash value that is greater than the policy’s surrender value but less than the death benefit. Here goes the reasons why you might consider selling off your policy. Not Able To Afford The Policy Premium In case you are going through a financial turbulence and feeling very hard to pay your premiums. Surrendering the policy is a bad choice, rather you can sell it to a life insurance settlement provider. Policy Expiring Soon If your policy is expiring soon with not much cash value, you can rather sell it off for a greater cash value. No More Dependents In case you no longer have spouse or children to claim your policy after you, you might sell it off. Secure Your Pension Fund You might want to sell off your policy in case you want to supplement your pension fund. To Aid A Medical Bill/Expense There are uncertain things like large medical bills which might lead you to sell off your policy to a life insurance settlement provider. Pros Of Life Insurance Settlement You will receive a large sum of money which would be greater than the policy’s surrender cash value. You don’t need to pay premium of the policy anymore. You can use this money to aid medical bills or any expense. You can enjoy your old age with this money. Cons Your dependents won’t get any death benefit of your policy. The settlement amount can be subjected to taxes. The amount is dependent upon your age, gender and many other factors, which might not cover all your expenses. Life Insurance Settlement, could be a blessing sometimes, while some other times, this might not add any value. So make sure to fully read the provider’s terms & conditions, and then decide.   Nisha Malik ❤ Facebook | Instagram

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