People are Selling their Life Insurance Policies for Needed Cash

Chicago, IL – April 27, 2020 – Unexpected health conditions and medical expenses are the impetus for many individuals to sell their life insurance policies to third parties in what’s known as a viatical settlement. To help policy holders understand the process, Windsor Life Settlements is offering a free downloadable eBook, “The Ultimate Guide to Viatical Settlements.”

Updated for 2020, the eBook provides an essential tool, guide, and informational resource that explains what a viatical settlement is and eligibility requirements. Readers will learn how the process works, the difference between a life settlement and a viatical settlement, and which individuals may be exempt from tax on the settlement.

A viatical settlement enables individuals to access the value they have in their life insurance policy if they develop a chronic or terminal illness. Few people know about the settlements, even though the first one occurred in 1911. Individuals with a life insurance policy can sell it to a third party that then becomes the owner and beneficiary.

Approximately 90 percent of policies owned by people over the age 65 lapse each year. Most policy holders don’t realize that they could potentially sell their policy for cash to a third party. If the policy lapses, the potential benefits and all premiums are forfeited back to the insurance company as profits. More than $115 billion is returned to insurance companies in this way each year.

Viatical settlements can potentially change that. A terminal illness alters life drastically and priorities change. Individuals may find they can no longer afford the premiums of their life insurance policy. Others simply desire to make extensive lifestyle changes during their final years. Both instances are situations in which a viatical settlement can provide much needed funding.

The rules and regulations governing viatical settlements vary from state to state and individuals will want to work with a brokershould they decide to sell their policy. The new eBook “The Ultimate Guide to Viatical Settlements” by Windsor Life Settlements provides individuals with critical information about how to utilize a viatical settlement when they need it most.

For more information, visit: https://windsorlifesettlements.com

About Windsor Life Settlements

We are a life settlement broker focused on helping consumers generate cash for life insurance policies that are no longer needed and that would otherwise simply lapse. 

Media Contact
Company Name: Windsor Life Settlements
Contact Person: Nicholas Napoli
Email: Send Email
Phone: 1-888-994-6376
City: Chicago
State: IL
Country: United States
Website: https://windsorlifesettlements.com/