You are here: Home Insurance Sale Of A Life ... What Is A Sale Of A Life ...
Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Sale Of A Life Insurance Policy (Viatical, Life And Senior Settlements)

What Is A Sale Of A Life Insurance Policy?

Next » « Previous

3/9

In general, a "sale" of a life insurance policy is the transfer by the owner of all rights and interests in the policy, as well as all the obligations assumed under the policy.

  • Right and interests that are transferred include the right to borrow against cash value, if any, as well as to appoint a beneficiary.
  • Obligations include the continuing obligation to pay premiums.

The sale price is always less than the full benefit payable at death. The seller receives the sale price to do with as he or she pleases. The purchaser takes over paying the premiums on the policy. When the insured dies, the purchaser receives the entire death benefit. The seller or seller's estate has no further interest in the policy.

To learn more about the process of a sale, see The Process Of Selling A Life Insurance Policy, Sale Of A Life Insurance Policy -- Frequently Asked Questions.


Please share how this information is useful to you. 0 Comments

 

Post a Comment Have something to add to this topic? Contact Us.

Characters remaining:

  • Allowed markup: <a> <i> <b> <em> <u> <s> <strong> <code> <pre> <p>
    All other tags will be stripped.