Saving You Money For Life

I realize that more and more people are in need of money during today’s economy. Life settlements have become very popular over the past few years. I just wanted to take a moment to remind people to enter these deals with caution.

Personally, these are deals that I would NOT participate in for the mere fact that you are essentially selling your life insurance policy to a stranger that would profit from you being dead. This alone, scares that crap out of me.

If you’re not familiar with a life settlement, it is a financial transaction in which a life insurance policy owner possessing an unneeded or unwanted life insurance policy sells the policy to a third party for more than the cash surrender value offered by the life insurance company. The purchaser becomes the new beneficiary of the policy at maturation and is responsible for all subsequent premium payments.

From a consumer standpoint though, assuming one can overcome the concern about looking over your shoulder wondering who out there would rather that you not live another day, these deals SEEM to be good, especially when you are in need of the money and don’t think you need your life insurance policy anymore.

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