What is a Life Insurance Settlement?

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"They don't need this policy anymore. Instead of lapsing it and throwing it away, there could be an option to get some money for the policy." - Lisa Rehburg

On this edition of The Insurance Experts, Lisa Rehburg and I discuss the secondary market for life insurance, which are called life settlements. Selling a life insurance policy should not be taken lightly. There are generally reasons that the client bought the policy in the first place.

However, clients' needs do change and they may be able to cash out their policy for more than the cash surrender value in situations where they might otherwise let the policy lapse.

Lisa tells the story of a client who survived multiple bouts of cancer and was able to get money from his term life insurance policy that he no longer needed for his family.

You should always work with a qualified and licensed life settlement expert when entering into these transactions.

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