What Are Senior (Viatical) Life Settlements?
Senior (Viatical) Life Settlements
A new type of life insurance transaction is getting a lot more notice lately with both life insurance policy owners and investors. These are call viatical or senior life settlements. The transaction is actually fairly simple to understand.
Who can sell a life insurance policy? The typical insured person is a senior citizen who is over age 65. I have heard of some younger people selling policies, but that is more rare. They must own a permanent form of life insurance or a term policy they can convert to permanent life insurance. Permanent life insurance policies are whole and universal life insurance.
How Does Guaranteed Issue Life Insurance Work?
Is No Questions Asked Life Insurance For Real?
If you have seen issues for guaranteed issue life insurance, you may think it is too good to be true. How can an insurer hope to profit if they do not require a medical exam or even ask any health questions? Well, I hope you do not spend a lot of time worrying about how life insurance companies make money. Trust me. They have ways.
Guranteed issue, or no questions life insurance, work because they usually use a waiting period instead of health underwrting exams or questions. These means that a terminaly ill person cannot take out a million dollar policy and hope he or she has a good chance of passing that benefit on the the family.
What is Funeral Life Insurance?
Funeral Life Insurance – Planning For Funeral Costs
Funeral Planning With Life Insurance
I know that it sounds odd to use the word funeral and life in the same phrase, as in funeral life insurance! This product is meant to cover the expense of funerals and burials, which can cost thousands of dollars these days. It is, actually, a smaller whole life policy that has been designed for this reason, and also designed as an affordable way to plan for funerals and other end-of-life expenses.
